Ha Asset Management Completes Acquisition of BlackRock Asset Management Retail Division

[Asia Economy Reporter Minji Lee] Hi Asset Management, a subsidiary of DGB Financial Group, announced on the 5th that it completed the acquisition of BlackRock Asset Management's retail business division on the 2nd.

This comes just over a month after changing its name from DGB Asset Management to Hi Asset Management at the end of August, aiming to revitalize the domestic retail fund market and strengthen the retail business division.

The retail business division of BlackRock Asset Management, the world's largest asset manager, consists of 26 public funds established in Korea, with net assets totaling approximately 700 billion KRW.

The acquired public funds are fund-of-funds that include BlackRock Global Funds as assets, and these funds will continue to be managed through BlackRock Global's overseas funds after the merger. Hi Asset Management will be responsible for domestic fund management and customer service.

CEO Jung-Hong Park stated, "With Hi Asset Management now equipped with traditional and alternative assets, domestic and overseas assets, and institutional and retail clients, we can enhance our status and presence as a comprehensive asset management company." He added, "We expect synergy creation through new product launches in partnership with BlackRock in the future."