State Street tipped to ally with major Korean fund administrator

State Street''s bid for a fund administration partner is in the final stretch with Korean Exchange Bank the favorite.

State Street Bank may invest up to W2.5 billion $2.2 million in paid up capital to gain half ownership of the fund administration arm of Korea Exchange Bank KEB, Korea's largest fund administrator, as early as the end of this year to position for the country's deregulating mutual fund industry.

According to sources close to the talks, State Street's lawyers in Boston are currently going over the fine print of the 5050 joint venture proposal. It is understood, however, KEB management is keen to retain majority control of the company, offering a 5149 deal.

KK Tse, State Street's managing director in Asia, confirms the bank is in the process of selecting...

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