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The list of the nation’s first homegrown hedge funds will be unveiled this week.
More than 10 “Korean-style” hedge funds are expected to make their historic debut on Dec. 23, according to the Financial Services Commission and the Korea Financial Investment Association.
Over the past few weeks, the FSC has looked into the eligibility of 13 asset management companies, which applied for the homegrown hedge fund business.
Most of them are set to introduce one hedge fund product late this month or early next month.
Unlike ordinary funds, a hedge fund is specialized to aim at high investment returns via risky bets. It utilizes a variety of investment techniques, such as short selling and leveraged buyouts.
The asset management companies included Samsung, KB, Woori, KDB, Korea Investment, Mirae Asset, Kyobo and BNP Paribas.
Under regulatory rules, any individual or institutional investor who wants to invest in the Korean-style hedge funds should meet the requirement of a minimum 500 million won ($438,600) in investment.
The National Assembly passed a law in 2009 allowing hedge funds but the restrictions that followed were so stiff that no local hedge funds were created.
This year, the FSC pushed for a comprehensive revision for laws on the capital market and financial investments, to pave the way for large asset management companies to handle hedge fund operations.
By Kim Yon-se (kys@heraldcorp.com)
More than 10 “Korean-style” hedge funds are expected to make their historic debut on Dec. 23, according to the Financial Services Commission and the Korea Financial Investment Association.
Over the past few weeks, the FSC has looked into the eligibility of 13 asset management companies, which applied for the homegrown hedge fund business.
Most of them are set to introduce one hedge fund product late this month or early next month.
Unlike ordinary funds, a hedge fund is specialized to aim at high investment returns via risky bets. It utilizes a variety of investment techniques, such as short selling and leveraged buyouts.
The asset management companies included Samsung, KB, Woori, KDB, Korea Investment, Mirae Asset, Kyobo and BNP Paribas.
Under regulatory rules, any individual or institutional investor who wants to invest in the Korean-style hedge funds should meet the requirement of a minimum 500 million won ($438,600) in investment.
The National Assembly passed a law in 2009 allowing hedge funds but the restrictions that followed were so stiff that no local hedge funds were created.
This year, the FSC pushed for a comprehensive revision for laws on the capital market and financial investments, to pave the way for large asset management companies to handle hedge fund operations.
By Kim Yon-se (kys@heraldcorp.com)
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