Korea Financial Investment Holdings' subsidiary Korea Investment Securities is speeding up its global business by signing a memorandum of understanding with Goldman Sachs Asset Management. Goldman Sachs Asset Management, an affiliate of Goldman Sachs, manages a total of $3.17 trillion (approximately 4,468 trillion won) in assets as of the end of March this year.
On the 5th (local time), a signing ceremony for the memorandum of understanding was held at Goldman Sachs' headquarters in New York, attended by Kim Sung-hwan, President of Korea Investment Securities, and John E. Waldron, Chief Operating Officer of Goldman Sachs. The memorandum of understanding includes strategic cooperation on areas such as ▲ fund sourcing for Goldman Sachs Asset Management ▲ market updates and data sharing from Goldman Sachs ▲ and knowledge exchange among employees of Goldman Sachs and Korea Investment Securities.
Korea Investment Securities has secured the right to sell Goldman Sachs Asset Management funds in South Korea and will offer global financial products and alternative financial products to domestic customers in the future. Korea Investment Securities also plans to share research materials with investors using market outlook data from Goldman Sachs Asset Management's investment strategy group.
Korea Investment Securities has achieved results while collaborating with Goldman Sachs. Last year, it successfully raised 26.8 billion won for the ‘Korea Investment Global Monthly Payout Goldman Sachs BDC Private Equity Fund,’ and in late April this year, it launched the ‘Korea Investment Global Strategic Multi-Income Fund,’ a product targeting a high dividend rate of approximately 7.5% per year by investing over 50% in a Goldman Sachs public offering fund. The Korea Investment Global Strategic Multi-Income Fund sold about 170 billion won worth within a week of its establishment.
Kim Sung-hwan, President of Korea Investment Securities, said, “This collaboration with Goldman Sachs marks the beginning of Korea Investment Securities setting new global standards for K-finance in the global financial market,” adding, “We will continue to proactively introduce world-class innovative financial products to support the growth of customer assets and strive to become the most globalized No. 1 investment company in Asia in Korea.”