The move reflects how South Korean investors, and those in the wider Asia region, are seeking to spread their asset allocation options, the parties to the arrangement said.
New York-headquartered SkyBridge Capital,
an alternative investment firm overseeing $7.9 billion of client
money, has partnered with South Korean securities firm Woori
Investment & Securities.
The pact with Woori enables Skybridge to distribute its hedge
fund products to South Korea and Asia more broadly.
As part of the arrangement, Woori has allocated capital to a
SkyBridge fund of hedge funds” vehicle.
Woori I&S offers services including wealth management,
investment banking and prime brokerage. It has client assets of
W148.9 trillion (about $107 billion), and serves domestic
clients, and foreign clients via 13 overseas offices and
subsidiaries.
“Investors in this region are seeking to diversify portfolios to
include more alternative investment options,” Eun Soo Kim, head
of global division for Woori I&S, said. “We believe that
SkyBridge’s thoughtful, thematic investment strategy and
high-conviction approach to alpha generation will help us to
provide our clients with a high-quality hedge fund investment
option.”