Cooperation in Asset Management
Woori Bank announced on Apr. 15 that it has signed a memorandum of understanding (MOU) with Neuberger Berman, a global leading investment manager, in order to jump into a global leading bank in the asset management sector.
Under the agreement, the two companies will exchange asset distribution strategies and information and jointly develop strategic products. They will regularly share house views related to markets and industries and global asset distribution strategies. Based on these, the two will come up with product model portfolios, strengthening the competitiveness of the ISA management. Also, they will work together to develop strategic products tailored to private banks and institutional customers as well as ISA customers to improve the asset management competitiveness for various customers.
Nam Ki-myoung, head of the Domestic Business Group and executive vice president of Finance & Management Planning at Woori Bank, said, “At the moment when the ISA system is introduced and the asset management is becoming popularized, the capability of the customer asset management directly related to the competitiveness of investment banks. The bank will jointly hold seminars, exchange information about European and the U.S. markets, strategic benchmarking cases and training programs with Neuberger Berman, continuously strengthening the partnership In the future.”
Founded in 1939, Neuberger Berman is a global leading investment manager with the total working capital of US$251 billion (288.15 trillion won). The company has offices in 34 cities from 19 countries, including London, Hong Kong and Tokyo as well as New York in which it is headquartered. It has the strategic partnerships with the U.S. public pension service and large capital and corporate pension services and Asian sovereign wealth fund services. Neuberger Berman has opened an office in Korea in 2013 and provides investment services to the National Pension Service, Korea Investment Corporation and the Bank of Korea.