BlackRock Withdraws from Domestic Public Offering Fund Business... Sells to DGB Asset Management
[Asia Economy Reporter Oh Ju-yeon] BlackRock Asset Management announced on the 31st that it plans to split its domestic public offering fund business and sell it to DGB Asset Management.
The sale target is 26 public offering funds established by BlackRock Asset Management in Korea. Specific sale conditions, including the sale price, were not disclosed.
BlackRock Asset Management is the Korean subsidiary established in 2008 by BlackRock, the world's largest asset management company headquartered in the United States.
The launched public offering funds are mainly fund-of-funds that incorporate BlackRock Global Funds set up offshore as their main assets.
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BlackRock Asset Management stated, "Even after restructuring its domestic business, BlackRock will continue to meet the investment demand of domestic institutions," adding, "We plan to focus our capabilities on providing Korean investors with various overseas investment solutions such as offshore active, index, and alternative investments through close cooperation with domestic financial companies and discretionary advisory services."
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