Woori Asset Management Acquires Franklin Templeton Asset Management's Public Fund

[Asia Economy Reporter Minji Lee] Woori Asset Management, a subsidiary of Woori Financial Group, announced on the 5th that it will merge the public funds of Franklin Templeton Investment Trust Management through a spin-off merger.

The acquisition target is the "collective investment business" division of Franklin Templeton Management, which currently manages approximately 200 billion KRW across 15 overseas and 7 domestic funds (based on master funds as of the end of last month).

After the merger, Franklin Templeton's global funds will continue to be managed through Franklin Templeton's master funds or delegated management, while domestic funds will be directly managed by Woori Asset Management. Regarding the acquisition, following approval from the Financial Services Commission and the board of directors of Woori Asset Management, management will be transferred to Woori Asset Management starting from the 6th.

Through this merger, Woori Asset Management can diversify its portfolio of overseas products in addition to its existing strengths in domestic stocks and bonds. Under the strategic relationship between the two companies, it is expected that excellent global funds from Franklin Templeton and Legg Mason Asset Management can be proactively supplied to domestic investors.

A representative from Woori Asset Management stated, "Since the acquisition by Woori Financial Group, the company has been steadily growing, and we expect this spin-off merger to be an opportunity to increase balanced assets under management and diversify investment destinations."