Goldman Sachs shutting South Korea asset management unit
By Joyce Lee and Nishant Kumar | November 13, 2012 8:28 PM EST
South Korea, Asia's third-biggest asset management market, is dominated by domestic institutions and wafer-thin profit margins have made it difficult for companies with sub-scale operations to make an impact.
Goldman's decision to wind down its asset management operations comes at a time when ING Groep NV
Goldman's unit manages about $4 billion in assets and has about 40 staff. While the fate of staff is not clear, the Hong Kong spokesman said Goldman will try to absorb them in other parts of the company.
Goldman will continue to invest in South Korea through its offshore funds management unit, the Hong Kong spokesman added. Goldman moved into the South Korean market by acquiring a joint venture between Macquarie Group
(Reporting by Joyce Lee and Nishant Kumar; Writing by Denny Thomas; Editing by Matt Driskill)
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