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Biz News Korea(Eng)
Hanwha Asset Management to acquire J.P. Morgan’s on-shore assets
- Collected
- 2017.12.20
- Distributed
- 2017.12.22
- Source
- Go Direct
The company said on Wednesday that its board of directors approved the plan that Hanwha Asset Management will purchase about 30 on-shore assets that have been managed by J.P. Morgan Asset Management, totaling 800 billion won as of end of September.
The acquisition is expected to up Hanwha Asset Management’s assets under management (AUM) to 93.8 trillion won. After the ownership transfer, J.P. Morgan Asset Management will continue to manage the funds on a consignment basis.
Hanwha Asset Management is the third largest industry player in Korea that is fully under Hanwha Life Insurance. The Korean asset manager had mainly focused on local stock funds until it established an overseas subsidiary in Singapore in 2015, followed by the launch of a foreign capital firm in Tianjin in the end of last year. It also advanced into New York this year.
An unnamed official from Hanwha Asset Management said the latest decision to buy the on-shore funds from J.P. Morgan Asset Management in Korea was made in line with the company’s plan to expand overseas funds and attract more foreign investors. It expects synergy effect from its strategic partnership with global asset manager J.P. Morgan Asset Management, the official added.
By Hong Jang-won and Lee Eun-joo
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