Mirae Asset Global Investments Signs Memorandum of Understanding for Korean Re Overseas Subsidiary Fund Outsourcing Management
The First Domestic Case of OCIO for Overseas Subsidiary Funds by a Korean Company
[Asia Economy Reporter Hwang Yoon-joo] Mirae Asset Global Investments announced on the 30th that it has signed a memorandum of understanding (MOU) with Korean Re for discretionary management of overseas subsidiary funds.
Mirae Asset Global Investments and Korean Re signed the MOU for discretionary management of overseas subsidiary funds on August 29 at the Korean Re building in Susong-dong, Jongno-gu. The signing ceremony was attended by Korean Re President Won Jong-gyu, Mirae Asset Global Investments Vice Chairman Choi Kyung-joo, CEO Lee Byung-sung, and others.
This is the first case in Korea of OCIO (Outsourced Chief Investment Officer) for overseas subsidiary funds of domestic companies. As part of the MOU, Mirae Asset Global Investments signed a discretionary management contract with Korean Re’s Swiss subsidiary (KRSA) and will begin managing 180 billion KRW from September. Korean Re plans to expand the assets under management to over 300 billion KRW by 2024.
Mirae Asset Global Investments will review the annual income and expenditure, management status, and related regulations of Korean Re’s Swiss subsidiary to establish a fund management plan including target returns. Utilizing Mirae Asset’s overseas network across 15 regions worldwide, it will actively discover products such as global bonds and alternative investments to provide optimal OCIO services.
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Maeng Min-jae, Head of OCIO Solutions at Mirae Asset Global Investments, said, “The contract between Mirae Asset Global Investments and Korean Re’s Swiss subsidiary is a meaningful first case providing OCIO solutions for overseas subsidiaries, based on Mirae Asset’s accumulated OCIO experience and capabilities targeting domestic funds and companies. Starting with Korean Re, we will further expand OCIO cases for overseas subsidiaries of domestic companies.”
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