Korea’s Kiwoom Securities has secured a licence to set up a wholly-owned fund management firm in Singapore and plans to inject S$10 million (US$7.6 million) into the unit, which will focus on managing hedge funds and private equity funds.
The move comes after Kiwoom Securities’ board approved creation of the unit in March 2023.
The company announced in a statement on October 16 that it has won the green light from the Monetary Authority of Singapore, the city state’s central bank and financial regulator.
The central bank’s website shows that Chang Hyun Choi is chief executive officer of the new unit, Kiwoom Asset Management Asia Pte Ltd.
The Singapore firm is expected to begin managing funds as early as this month and has hired experienced local fund managers to ensure smooth operations.
“We will do our best to expand our overseas business and create new growth engines, leveraging Singapore's position as a growing financial hub in Asia,” the company says.
Seoul-based Kiwoom Securities has US$36.9 billion of assets under management.