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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] On the 14th, Kiwoom Securities announced that it received final approval from the Monetary Authority of Singapore (MAS) on the 11th to establish a local asset management firm.
The company plans to inject a total capital of 10 million Singapore dollars (approximately 10.3 billion won) into the new entity, named Kiwoom Asset Management Asia Pte. Ltd.
Wholly owned by Kiwoom Securities, the firm will focus on managing hedge funds and private equity funds.
Singapore has emerged as a key investment hub in Asia due to its abundant influx of foreign capital and strong financial infrastructure.
Kiwoom Securities has been eyeing Singapore as a gateway to the Southeast Asian market and a promising asset management market with significant growth potential.
In March last year, Kiwoom’s board approved the establishment of the asset management firm, and the company has been preparing for regulatory approval since then. Kiwoom completed its application to MAS in November last year and received preliminary approval earlier this month.
The firm is set to begin full-scale fund management operations starting this month.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
