Goldman Sachs Asset Management and Tong Yang Securities agreed to establish a partnership to cooperate on asset management services in South Korea, according to GSAM spokesman Nik Ekholm.
Firm officials plan to launch a range of global products, including bond and equity strategies, later this year. The agreement, announced by both firms Wednesday, involves areas such as product management, product development and distribution.
Oliver Bolitho, managing director and head of GSAM in Asia, said in a news release: “The establishment of this agreement seeks to combine Tong Yang’s deep local expertise and powerful distribution reach through the largest branch network and cash management account market share in Korea with our global experience and strong risk management framework.”
GSAM already has an existing institutional business in South Korea, but is looking to strengthen its subadvisory business through the agreement with Tong Yang, a Seoul-based financial services provider with retail and corporate clients.