Baring Asset Management has expanded into the Korean market, opening a sales office in Seoul. The e...
Baring Asset Management has expanded into the Korean market, opening a sales office in Seoul.
The expansion coincided with the appointment of InJun Jung as head of sales, client services and business development for Korea. He will report to Gerry Ng, managing director of Asia ex Japan.
Ng said: "Barings has a long history of managing money for clients in South Korea and we enjoy an excellent reputation in this market for international equities, regional equities, global fixed income and multi-asset products.
"Establishing a local presence is therefore a logical step as we seek to better serve our existing clients whilst developing new business."
Jung joins Barings from Morgan Stanley Investment Management, where he was head of their Korean operation.
"His extensive local market knowledge and insight will assist us in ensuring our successful expansion into the Korean market," added Ng.
South Korea has enjoyed strong growth since the 1960s as one of the original 'Asian Tigers' and is now one of the largest economies in Asia, with the third-largest equity market in the region, after Australia and Japan, according to Barings.
The company believes there is plenty of growth potential in the equity area, as although financial assets make up a large part of household assets in Korea, only a fifth of these are currently invested in equities and mutual funds, which is lower than in most other countries.
Ng said: "Retail investors have only started investing in mutual funds in a significant way since 2005, and the Korean market is at an early stage of development.
"If the current tax policy on offshore funds is repealed next year as the industry expects, we believe the mutual funds market has the potential to grow rapidly."
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