Restructures Its Business in Korea
BlackRock, the largest asset management firm in the world, has decided to withdraw from the South Korean onshore retail fund market. The firm held a shareholder meeting on April 21 and announced on April 22 that merger after division and license return were determined at the meeting.
Earlier, on March 31, BlackRock Korea announced that it would sell its onshore retail fund business to DGB Asset management, a member of DGB Financial Group.
The company said it will continue to serve Korean investors with diversified offshore active, index and alternatives investment solutions after its Korean business restructuring is completed.
BlackRock established BlackRock Korea in 2008. It has done business mainly in the public fund market.
Susan Chan, BlackRock’s head of Asia, said, "Investors’ search for yield and increased portfolio diversification for overseas exposures have helped advance our Korea business remarkably in recent years, especially for alternatives and index strategies.”