BlackRock will promote its onshore retail fund enterprise in South Korea to Seoul-based DGB Asset Administration as a part of a restructuring that may depart the agency specializing in its institutional purchasers there.
A BlackRock spokeswoman declined to offer phrases of the deal, introduced Wednesday.
The sale of the native funds enterprise, which BlackRock launched in 2008, is a part of a push by the New York-based big to allocate its assets effectively within the area, she mentioned. BlackRock will proceed to serve institutional traders within the nation, she added.
Buyers’ seek for yield and elevated portfolio diversification for abroad exposures “have helped advance our Korea enterprise remarkably in recent times, particularly for alternate options and index methods,” Susan Chan, head of Asia, mentioned in a information launch.