Woori, Singapore Sovereign Fund Plan Fund Of Funds

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.

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