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S. Korea’s Dongbu Asset to launch Korea’s first fund devoted to self-driving technology

Collected: 2017.06.07

Distributed: 2017.06.08

Source: Go Direct

Dongbu Asset Management Co. would become the first in the Korean financial industry to launch an investment instrument betting on the future growth of self-driving vehicles across the world.

Dongbu Asset Management Co. last week reported to the Financial Supervisory Service of its plan to launch a fund on June 19 investing from 35 to 65 equities related to developers and makers of self-driving vehicles in not only Korea but elsewhere in the world.

The portfolio management would be advised by Neuberger Berman, a top U.S. investment management firm handling over $255 billion in assets.

Funds investing in big data, Internet of Things, and artificial intelligence robots have been available since last year. But a fund investing in autonomous vehicles is the first in Korea.

“Neuberger Berman has a pool of 400 researchers across the world,” said Park Hee-bong, marketing director at Dongbu Asset Management. “We will decide on our investment based on their analysis.”

Neuberger Berman’s autonomous car portfolio has repeated an average annual return rate of 350 percent over the last five years, outperforming the MSCI World Index by five times.

Separately, Mirae Asset Global Investments Co. will be listing an exchange-traded fund (ETF) focused on future technologies dubbed “Global New Technology” ETF. Other asset managers are also releasing similar equity investment devoted to future technology.

By Choi Jae-won

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