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SINGAPORE: Fullerton Fund Management, a fully-owned subsidiary of Temasek Holdings, is planning to help Seoul-based Woori Investment & Securities establish a fund of hedge funds.
The fund will be managed by Woori Absolute Partners, while Fullerton Fund Management will provide investment advisory services, said a statement from Woori.
The target launch date is early 2010, and both parties are currently discussing the details of the fund - including the fund size - which have not been decided, added the statement.
Channel NewsAsia understands that Fullerton will not be injecting any money into the fund.
Woori said that it expects to benefit from the differentiation from the usual investment delegation to a foreign investment manager, and creating other sources of income for the Korean financial institution.
It also added that it is "obtaining the knowledge of highly sophisticated and developed management skills".
The fund could be worth US$50 million (S$69.9 million) by year-end, and be expanded to US$100 million in 2010, according to the Korea Economic Daily, which cited a Woori official that it did not identify.
- CNA/sc
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