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Thursday, November 6, 2014

Samsung Teams Up With U.S. Fundsters

News summary by MFWire's editors

Samsung is teaming up with a U.S. asset manager making a push in Korea.

This week the Seoul, South Korea-based multinational (most famous for its electronics, like the Android phones and tablets) unveiled an alliance between its Samsung Securities wealth management arm, its Samsung Asset Management arm, and New York City-based mutual fund shop Neuberger Bergman [profile]. The Neuberger folks will team up with the two Samsung units to offer investment products in, and co-develop new offerings for, the South Korean marketplace.

Douglas Appel of Pensions & Investments reported on the deal.

Neuberger chief operating officer Andy Komaroff, Samsung Securities strategic business division chief Youngwoan Chung, and Samsung Asset Management marketing division chief Young June Park signed the MOU last week at Samsung Asset Management's headquarters. Komaroff put the alliance in the context of the Neuberger team's efforts to expand their footprint in Korea.

As of September 30, 2014, Neuberger worked with $247 billion in client assets. As of December 2013, Samsung Asset Management's assets under management reached KRW 127.4 trillion (about $116.9 billion). 

Edited by: Neil Anderson, Managing Editor

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