Korea lowers hurdle for foreign fund managers

A significant decrease in assets under management required should see a number of ITCM licenses granted early 2001.

South Koreas Securities and Futures Commission is likely to reduce the capital requirements for foreign fund managers seeking to establish an onshore investment trust and consulting management ITCM business, according to regulators.

At present, any foreign company seeking an ITCM license needs W7 trillion $6.16 billion in assets under management. The SFC is likely to reduce this to W5 trillion, says Lim Young-hwan, head of asset management affairs team in the Financial Supervisory Services FSS asset management supervision department. FSS handles day-to-day implementation of regulations, while the SFC is the senior body that makes final decisions.

Lim explains the W7 trillion figure was conjured two years ago to ensure stability and credibility...

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