Credit Agricole inks Korea fund management JV

The locals have the bigger stake but the French will run the company.

Credit Agricole Asset Management CA-AM and South Korea's National Agricultural Cooperative Federation NACF have signed an agreement to establish a joint investment trust management company in Seoul. The NACF is a huge institutional investor and will probably become the new JV's anchor client. Moreover it is the largest retail bank in the country, and will distribute the JV's funds to its customers throughout its 867 branches.

Under the deal, NACF will own 60% of the new company, to be named NACF-CA Investment Trust Management Company, and CA-AM will own 40%. The JV has a $25 million capitalization and is now applying for the appropriate licenses to start operations by the...

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