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 fund managers at Korean insurance companies are stuck in an insurance environment, which doesnÆt encourage them to take the right kind of risks. With interest rates now around 6%, insurers are struggling to hit higher...

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