Saturday, 30 April 2016
Last updated 1 day ago
Feb 8 2010 | 8:24am ET
Woori Investment & Securities of South Korea is shuttering one of its hedge funds and launching a fund of hedge funds with Singapore’s sovereign wealth fund.
Woori’s Woori Absolute Partners has closed its US$60 million Absolute Asia Multi-Strategy Fund, which it launched in 2008. Some of those assets will be moved to a new US$30 million fund of funds to be set up with Fullerton Fund Management, part of Temasek Holdings.
“Initially, we had tried to do one our own but it was not easy,” a Woori official told Reuters. “It took time to find partners.”
Woori continues to manage a US$35 million absolute return fund.