Sung Hwan Kim: "Aiming to Become Asia's Most Globalized No.1 Investment Company Based in Korea"
Korea Investment & Securities has established a global cooperation model by partnering with Goldman Sachs Asset Management to sell fund products in Korea. This move is seen as a signal that the company is beginning to actively pursue a differentiated global business strategy.
According to Korea Investment & Securities on May 6, President Sung Hwan Kim and John Waldron, President and Chief Operating Officer (COO) of Goldman Sachs, signed a memorandum of understanding to this effect at Goldman Sachs headquarters in New York, USA, the previous day. The core of the strategic cooperation includes sourcing of Goldman Sachs Asset Management funds, sharing of Goldman Sachs market updates and materials, and knowledge exchange between employees of Goldman Sachs and Korea Investment & Securities.
Sung Hwan Kim, President of Korea Investment & Securities (right), and John Waldron, President and Chief Operating Officer (COO) of Goldman Sachs, are taking a commemorative photo after signing a memorandum of understanding for strategic collaboration at Goldman Sachs headquarters in New York, USA, on the 5th (local time). Korea Investment & Securities
Going forward, Korea Investment & Securities will secure the authority to sell Goldman Sachs Asset Management funds in Korea and provide domestic clients with both traditional global financial products and alternative financial products. In addition, the company will also offer research materials to investors utilizing market outlook reports from the Goldman Sachs Asset Management Investment Strategy Group.
Goldman Sachs Asset Management, the asset management affiliate of Goldman Sachs, one of the world's top investment banks, managed a total of $3.17 trillion (approximately KRW 4,468 trillion) in assets under supervision (AUS) as of the end of the first quarter of this year. Korea Investment & Securities stated that the signing of this memorandum of understanding is both an example of its competitiveness being recognized in the global financial market and a turning point that could elevate Korea's status.
Korea Investment & Securities has already achieved meaningful results through collaboration with Goldman Sachs. Last year, it successfully raised KRW 26.8 billion for the 'Korea Investment Global Monthly Distribution Goldman Sachs BDC Private Fund.' At the end of April, the company launched the 'Korea Investment Global Strategic Multi Income Fund,' a product that seeks a high expected annual dividend yield of around 7.5% by investing more than 50% in Goldman Sachs public funds. The fund achieved sales of approximately KRW 170 billion within just one week of its launch.
President Sung Hwan Kim emphasized, "This cooperation with Goldman Sachs marks the starting point for Korea Investment & Securities to set a new global standard for K-finance in the global financial market," adding, "We will continue to proactively introduce world-class innovative financial products to support our clients' asset growth and strive to become the most globalized No.1 investment company in Asia based in Korea."
Ronald Lee, Co-Head of the Asia Pacific Client Solutions Group at Goldman Sachs Asset Management, said, "Korea is a very important market for Goldman Sachs," and expressed his expectations that "Korea Investment & Securities' expertise and strong sales network will be combined with Goldman Sachs Asset Management's global presence, proven investment capabilities, and risk management system."
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