KIC, Korea Post to boost cooperation in global investment

Korea Investment Corporation (KIC) has reached a tentative agreement with Korea Post to strengthen cooperation in global investment as the sovereign wealth fund is seeking to expand its client base made up of only the public sector.

KIC signed a memorandum of understanding on Feb. 21 with the state-run agency on the investment cooperation, KIC said on Feb. 21.

“As part of effort for Korea Post to allocate part of global investment assets to KIC, both agencies agreed to discuss details during the first half of this year, inclduing the manner in which joint investment and asset allocation will be made,” KIC said in a statement.

Further, they will seek to cooperate in investment-related training, research and other sectors to create synergies.

KIC, founded in 2005, manages over $100 billion assets entrusted by the finance ministry, the Bank of Korea and public funds for overseas investment.

The net asset value of its portfolios came to $134 billion as of the end of 2017.

Korea Post, with $111 billion in assets for savings and insurance arms, has recently selected three asset managers - UBS, Invesco and Fidelity - to diversify into Chinese stock markets, South Korean news outlet edaily reported on Feb. 19. It plans to commit $150 million to the three management firms.