Taiwan Urges Insurers to Give Local Firms Billions in Mandates

Taiwan is calling on its asset-rich life insurers to give billions of investment mandates to domestic money managers in a government push to turn the chip-making economy into a regional financial hub.

Taipei’s top financial regulator expects insurers to move an initial NT$1 trillion ($32.6 billion) to local asset management firms, as the government builds out a new special wealth management zone in the southern city of Kaohsiung in an effort to compete with Singapore and Hong Kong.