Samsung insurers let go of asset management

Samsung Life and Samsung Fire & Marine to spin off in-house fund management to an affiliated investment trust company.

Samsung Life Insurance and Samsung Fire Marine Insurance are planning to spin off management of their assets from in-house teams to affiliate Samsung Investment Trust Management Co Samsung ITMC. Next month, Um Tae-jong, now head of international investment at Samsung Fire Marine, is expected to move to Samsung ITMC to run the combined investment.

The purpose is to develop a fund management culture at Samsung ITMC that rewards fund managers along the lines found in Western fund houses. Currently...

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