SOUTH KOREA - A source close to Morgan Stanley have confirmed to Global Pensions it is in talks to sell its South Korean asset management firm.
Landmark Investment Management is owned by Morgan Stanley’s private equity fund, LM Investment Management Holdings AB. It has been reported that both ING Group and Prudential Financial are bidding for the firm.
Morgan Stanley bought the asset management firm in 2002 for a reported KRW44bn won (€35.2m).
The talks follow an announcement earlier this week by Goldman Sachs Asset Management (GSAM) that it has agreed to acquire 100% of Macquarie-IMM Investment Management (Macquarie-IMM), a Korean asset management firm.
Partner Insight: Members' evolving needs and expectations are driving changes in scheme administration. As the pensions landscape inevitably continues to change, how will your scheme's approach need to develop to keep pace?
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