South Korea’s KB Asset Management Co. is beefing up overseas business, buoyed by strong performance in its Chinese funds.
KB Asset Management Thursday said that it organized a new team for managing overseas funds to expand its global strategy operation to three divisions. The company also scouted director Kim Young-sung who was in charge of managing foreign investment at Government Employees Pension Service.
It inked a strategic partnership agreement with multinational target-date fund manager Vanguard and global bond fund manager Pacific Investment Management Company (PIMCO) to launch new funds within the first half of this year.
The decision to expand its overseas fund unit came from the success of its Chinese funds. KB Tong China High Dividend Securities is the largest Chinese dividend stock fund available in Korea with a volume of 248.5 billion won ($220 million) and guarantees the highest return of 18.2 percent.
By Kim Hyo-hye
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]