Samsung plans Asia hedge fund of funds

Samsung ITMC will launch in January and target both domestic and international investors.

Samsung Investment Trust Management Company, Korea's largest domestic fund management company with W22 trillion $18.7 billion of assets, is preparing to launch an Asian strategies fund of hedge funds in January. Although initially targeting domestic investors, once the fund establishes a track record, the firm is eager to leverage its brand name to attract international investors as well, says Um Tae-jong, CIO and COO for global investments and financial products.

We are creating a product line in alternative investments, he says. In December 2002, the firm introduced its first global fund of hedge funds, the Samsung Absolute Return Fund, which now has $120 million under management. This year it has also launched fund...

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