European financial services giant Credit Suisse has established an asset management joint venture with Woori Financial Group in South Korea, named Woori Credit Suisse Asset Management.
The joint venture is among the largest formed between a South Korean asset management company and a foreign wealth manager, Credit Suisse said in a statement.
Woori Financial Group is one of the largest financial groups in South Korea, and its asset management business is the fourth largest in South Korea with approximately KRW15,000 billion of assets under management. Credit Suisse has purchased a 30% stake in Woori Asset Management.
David Blumer, chief executive officer of Credit Suisse’s asset management business, said: We are fortunate to have the opportunity to partner with one of Korea’s strongest and most reputable groups. We are pleased to be able to bring our experience and capabilities in product development, investment management and risk management together with Woori’s strong onshore distribution network.