Saneun, Hanwha Asset Management Finally Selected as Private Lead Institution for Policy-type New Deal Fund

[Asia Economy Reporter Song Hwajeong] Korea Development Bank announced on the 18th that it has selected Hanwha Asset Management as the private asset manager to lead the New Deal Fund, along with Korea Development Bank and Korea Growth Investment Corporation, while managing the 2022 'Policy-type New Deal Fund' fiscal mother fund.

Accordingly, Hanwha Asset Management will manage 150 billion KRW out of the 600 billion KRW fiscal budget in 2022.

A total of four asset management companies applied for this private asset manager selection, resulting in a competition rate of 4 to 1. The selection announcement was made on January 28, and document submissions were accepted in February. On the 2nd of this month, three companies were selected through document screening, followed by on-site inspections and oral evaluations before the final decision was made.

Korea Development Bank stated, "After a fair and transparent evaluation process, we have finalized the private asset manager to lead the New Deal Fund and manage the fiscal mother fund," adding, "The selected private asset manager will be responsible for preparing detailed formation plans for the 800 billion KRW scale out of the 4 trillion KRW New Deal Fund formation target in 2022 (fiscal 150 billion KRW + Korea Development Bank 119 billion KRW + private capital 531 billion KRW), selecting sub-fund managers, and managing the status of each fund."

Korea Development Bank expects that the selection of the private asset manager will enhance the diversity and efficiency of New Deal Fund management. They also plan to thoroughly conduct management and inspections of the private asset manager.

A Korea Development Bank official said, "We ask for great interest in the second investment project of the 2022 New Deal Fund, in which private asset managers will participate as lead institutions."

This content was produced with the assistance of AI translation services.