SkyBridge Capital formed a strategic partnership with Seoul-based Woori Investment & Securities to distribute SkyBridge's hedge funds-of-funds products in Korea and other parts of Asia.
As part of SkyBridge's “first major institutional relationship” in Asia, Woori Investment will allocate capital to one of the New York-based firm's hedge funds-of-funds vehicles, said Ray Nolte, co-managing partner and chief investment officer of SkyBridge, in a telephone interview.
The amount of Woori's investment in SkyBridge's product isn't being disclosed.
The tie-up, which follows a couple of years of talks, will allow SkyBridge to leverage Woori's presence in Korea and other markets in Asia to build relationships with institutional and high-net-worth investors in the region, Mr. Nolte said.
While SkyBridge has already been talking with top-tier institutional investors in Korea, the tie-up with Woori will allow the firm to reach out to a much broader range of potential clients, at a moment when interest in alternatives strategies is beginning to pick up, Mr. Nolte said.
Mr. Nolte said SkyBridge currently has about $3 billion in assets under advisement for U.S.-based clients, and discretionary oversight over more than $5 billion in assets under management — about $1 billion of which comes from clients outside the U.S.
Roughly a quarter of that non-U.S. AUM, or $250 million, comes from Asia-Pacific clients, Mr. Nolte said.