NEW YORK : Wall Street titan Goldman Sachs said Monday it had agreed to buy Macquarie-IMM Investment Management, a South Korean asset management firm, as it seeks to expand its regional business.

Goldman did not disclose the deal's financial terms, but said in a statement that it hopes to close the takeover later this year.

"This acquisition is a significant milestone for GSAM in Korea, a growing financial hub with significant market potential," said Stephen Fitzgerald, head of Goldman Sachs Asset Management International (GSAM).

Macquarie-IMM is 65 percent owned by Australia's Macquarie Investment Management and 35 percent by South Korea's IMM Co. It describes itself as a "boutique investment manager" with corporate, institutional and mutual fund clients.

- AFP /ls