SOUTH KOREA – Schroders has become the first foreign asset management company to be given a preliminary fund management licence in the Republic of Korea.
The manager will market its mutual fund products through its Seoul.
“Korea is one of the largest investment markets in Asia with significant potential for growth. In advancing our operations in Korea, following the Korean government’s decision to open up the investment markets to foreign participants, we are demonstrating our commitment to the region,” says David Salisbury, chief executive at Schroders.
The company has had a representative office in South Korea since 1987 and was appointed investment manager for the Seoul Debt Reconstruction Fund in 1999. It manages £2.1bn in Korean equities.
Assets under management in the Korean market at the end of 2000 were KRW143trn (e120bn), accounting for 14% of total national savings.