SGAM teams up with Industrial Bank of Korea

SG Asset Management and IBK will establish a 50/50 funds joint venture, and may acquire a local ITMC as well.

SG Asset Management and Industrial Bank of Korea have signed an agreement to establish a 5050 joint venture to manufacture investment products that IBK will distribute. SGAM is looking to acquire a local fund manager as well and consolidate it with the new JV, to give it heft.

SGAM is close to signing a similar deal in India, says Alain Clot, the firm's Paris-based CEO. The IBK agreement follows the example SGAM set in China, where in 2002 it formed a JV with Bao Steel.

IBK is Korea's fourth-largest bank, with 380 branches and 6,400 employees. It is a leader in the small- and medium-sized business market, and...

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