Rhyme Asset Management's 'Bad Bank' Wellbridge Asset Management Begins Collective Investment Business Operator Change Procedure

[Asia Economy Reporter Minji Lee] Wellbridge Asset Management, responsible for asset recovery and compensation of Lime Asset Management funds, announced on the 26th that it has started the beneficiary consent process for changing the collective investment business operator.

Wellbridge Asset Management stated, "Lime Asset Management's fund operations may be suspended through the Financial Supervisory Service's disciplinary committee, and to prevent this, the collective investment business operator must be changed to our company," adding, "We have started the beneficiary consent process from today."

The asset management company was established on August 13th through joint investment (capital of 5 billion KRW) by companies that sold Lime Asset Management funds, and on the 25th of last month, it was licensed as a professional private collective investment business operator by the Financial Services Commission.

Wellbridge Asset Management limits its business purpose in its articles of incorporation to the operation and recovery of Lime funds, focusing solely on protecting and recovering fund investors' assets.

The company said, "We have currently reinforced our workforce with 12 personnel, and when operating the Lime funds, around 18 experts will be dedicated to protecting and recovering investors' assets," adding, "Through the beneficiary consent process for changing the collective investment business operator, we ask for cooperation to ensure that the funds managed by Lime Asset Management are smoothly transferred to our company."

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