New Korea CEO at Deutsche Asset

Shin Yong-il joins from Citibank to take over the foreign-owned investment trust management company.

Deutsche Asset Management has hired Shin Yong-il as CEO of its wholly owned Korean investment trust management company, the culmination of an extensive search of local and international candidates following the departure late last year of Lee Won-ik.

The local ITMC fell into DeAM's lap last year when Deutsche Bank acquired Zurich Scudder Investments. Scudder had the oldest presence of any foreign fund management company in Korea, primarily managing Korean funds for US institutional investors. Lee had run Scudder's Korean operations for a few years since leaving what is now Templeton's wholly owned ITMC his present whereabouts could not be determined, but it seems he did not fit into the mould...

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