Starting from September
Mirae Asset Global Investments has signed a memorandum of understanding with Korean Re to manage the reinsurance company's overseas corporate funds.
A signing ceremony was held at the Korean Re Building in Susong-dong, Seoul, on Aug. 29 in the presence of Korean Re CEO Won Jong-gyu and Mirae Asset Global Investments vice chairman Choi Kyung-joo and CEO Lee Byung-seong.
Under the MOU, Mirae Asset Global Investments will sign a consignment management contract with Korean Re Switzerland AG (KRSA) to manage its funds of 180 billion won from September. Korean Re plans to expand the funds to be managed by Mirae Asset to over 300 billion won by 2024.
Established in 1963, Korean Re is the only reinsurer in Korea and the world’s 10th largest reinsurer. Currently, it runs 13 subsidiaries, branches and offices in nine countries.