
Korea Investment & Securities Co. (KIS), a unit of Korea Investment Holdings Co., is exploring new offshore funds for individual investors in collaboration with Los Angeles-based Capital Group.
Kim Sung-hwan, chief executive of the Korean brokerage firm, met with Mike Gitlin, CEO of Capital Group, in Seoul on Tuesday and discussed launching a public income fund in the second half of this year, said KIS.
Capital Group, founded in 1931, has built a strong track record in equity and fixed-income management. It currently manages $2.8 trillion in assets.
The two companies are seeking to strengthen their strategic partnership to meet South Korean retail investors’ growing appetite for global assets.
“Now Korea Investment & Securities has secured Capital Group as a new collaboration partner following Goldman Sachs, Carlyle Group, Man Group and AllianceBerstein, we will be able to offer blue-chip global assets in the domestic market on a steady basis,” KIS in a statement.
KIS has been scaling up its asset management business with the aim of becoming Asia’s No. 1 securities firm,
It has launched public credit funds of AllianceBernstein and London-listed Man Group — AllianceBernstein’s Global High Yield Fund and and Man Dynamic Income Fund. They invest in credit products mainly in the US and Europe.
KIS has also offered a public fund that invests in collateralized loan obligations (CLOs) managed by Carlyle.
By Yeonhee Kim
yhkim@hankyung.com