Strategic Financial Partnership
Samsung Asset Management announced on Oct. 6 that it formed a strategic partnership with the Capital Group through a signing ceremony scheduled for Oct. 14. The idea is to better penetrate the fast-growing global investment and retirement pension markets.
Founded in 1931 and headquartered in Los Angeles, the Capital Group is one of the largest asset management companies in the world, running assets of approximately US$1.147 trillion worldwide. It has offices and branches in 23 cities including London, Geneva, Tokyo, Sydney, and Hong Kong, along with more than 7,000 employees. Capital International, one of its subsidiaries, is well known as an MSCI Index deviser.
Samsung Asset Management is the largest asset management company in Korea. It recorded total Assets Under Management (AUM) of 154.1329 trillion won (US$132.3323 billion) as of the beginning of this month. The company is planning to shore up the development of retirement pension products and bring in a number of overseas investment products based on its partnership with the Capital Group, while working on systems for enhancing its active securities management.
The signing ceremony is to be held at the Shilla Hotel in Seoul, with Samsung Asset Management President Koo Sung-hoon and Capital Group chairman Timothy D. Armour attending.