Millennium Management is poised to be the first foreign player in the hedge fund industry's newest territory.
The New York-based firm is in talks with South Korean regulators about opening a local affiliate, the Yonhap News Agency reports. While no official application has been made, one is expected soon and approval could come as early as this month.
Hedge funds have technically been legal in the country for almost three years, but did not become practically possible until last month. South Korea's Financial Services Commission—the agency that Millennium is working with—has approved nine local firms to begin offering hedge funds.