Manulife Asset Management said Thursday it has obtained a Cross Border Investment Advisory license in South Korea and has hired Peter Kim, managing director, head of institutional sales, Korea.
“Korea is the second largest institutional asset management market in Asia, growing at 14% and forecast to reach KRW320 trillion ($280 billion) by 20151. In addition, we are seeing considerable interest from institutional investors to step up portfolio diversification and outsource their investments through the appointment of investment managers or advisors,” commenting on the new license Michael Dommermuth, president of Manulife Asset Management Asia.
Based in Hong Kong, Kim started with the company this July and reports to James Chen, head of institutional sales & relationship management, Asia. In this role, Kim is responsible for developing the business strategy in South Korea for Manulife Asset Management.
Kim brings with him over 17 years of business development experience in traditional and alternative asset management companies in South Korea and Hong Kong. He started his career in the U.S., was vice president of Woori Global Markets Asia Ltd. and most recently was director of Lapis Global Ltd., based in Hong Kong.
Commenting on the appointment Chen said: “We have identified three major interest areas from institutional investors looking for enhanced portfolio diversification, namely China, alternative asset classes and income-oriented solutions. We have compelling investment expertise in each of these areas amongst others, and with his business development experience in both traditional and alternative asset classes, Peter will play an important role in helping us address institutional needs in Korea.”
Thursday’s announcement follows earlier news that Manulife Asset Management hired heads of asset allocation and product development in Asia to scale up the development of investment solutions that help Asian investors meet an ever-widening range of income and total return needs.