Tuesday, June 8, 2010

S Korea Woori Investment to launch China unit

SEOUL: South Korea's Woori Investment & Securities is set to launch a unit in China by the end of the year as part of a push to expand its global presence and strengthen its Asia business, its CEO said on Tuesday, June 8.

"We will open a legal unit in China by end of this year, by combining our Beijing research center and Shanghai investment banking office. The unit will coordinate closely with our Seoul investment banking team to bring in more business from China," Woori Investment Hwang Sung-ho CEO told reporters.

Woori Investment earlier this year lead-managed the $88 billion won (US$71.22 million) Seoul initial public offering of China-King Highway Holdings Ltd, the largest Chinese IPO on the Korea Exchange ever at the time of its debut in March.

Hwang added the firm was also keen on expanding its Southeast Asia operations, targeting more populated markets such as Thailand.

Woori in January this year forged an alliance with India's Aditya Birla Financial Services under which an India equity fund will be sold in South Korea through the brokerage and other units of Woori Finance Holdings from this month.

It also plans to further strengthen its hedge fund business. Woori Investment has pumped a total of US$100 million into hedge funds, including US$30 million into a fund-of-hedge-funds managed by Temasek's Fullerton Fund Management and US$20 million in seed capital into a hedge fund managed by Guan Ong, former chief investment officer of sovereign wealth fund Korea Investment Corp. ' Reuters

No comments:

Post a Comment