SOUTH KOREA - Goldman Sachs Asset Management (GSAM) has agreed to acquire 100% of Macquarie-IMM Investment Management (Macquarie-IMM), a Korean asset management firm.
GSAM said it expected the transaction to close later this year, subject to regulatory approvals.
The terms of the deal were not disclosed.
Macquarie-IMM is 65% owned by Macquarie Investment Management and 35% by IMM & Co, a boutique investment manager providing investment products to corporate, institutional and mutual fund clients in Korea.
It has approximately KRW10trn in assets under management.
Describing the implications of the deal, GSAM's international head, Stephen Fitzgerald, said: “This acquisition is a significant milestone for GSAM in Korea, a growing financial hub with significant market potential. By leveraging our global and local expertise, GSAM aims ultimately to deliver the best client service and product offerings to become the pre-eminent asset manager to institutions, government agencies and investors in Korea and in turn, one of the leading asset managers in the Asia region.”
Upon completion of the transaction, Macquarie-IMM will become part of GSAM.
Through the acquisition, GSAM will establish a presence in Korea and aim to achieve synergies by combining investment management, risk management and asset allocation capabilities with Macquarie-IMM's local products and distribution.
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