Monday, 26 September 2016
Last updated 1 hour ago
Dec 19 2011 | 1:10pm ET
South Korea will join the global hedge fund industry this week with the launch of the country's first dozen or so local vehicles.
The country's Financial Services Commission has reviewed the applications of 13 assets managers in recent weeks. Most of them are expected to launch their first hedge funds this month or early next month, with the first expected on Friday.
Hedge funds have been technically legal in South Korea since 2009. But it wasn't until the FSC this year loosened restrictions on the asset class that it became feasible for large asset managers to actually launch hedge funds.
Among the firms applying for permission are BNP Paribas, KB, Korea Investment, Kyobo, Mirae Asset, Samsung and Woori.