The Social Security System (SSS) will contract three local fund managers to help diversify its portfolio and benchmark on comparative investment classes.

The fund managers will each handle a P1-billion investible funds allocated in a mix of equity and fixed income securities.

To bid for the fund management contract, the companies must be duly licensed and have at least five years in fund management experience, with investment performance published in national broadsheets. It must also have Assets Under Management (AUM) of at least P10 billion in equities and at least P25 billion in fixed income securities as of December 31, 2013.

Deadline of submission of eligibility documents to the SSS Head Office in Quezon City is on November 18, 2014.

Appointing external fund managers by the SSS is allowed as per Section 26-A of Republic Act No. 8282 or the Social Security Act of 1997.