Capital Group, a US-based investment management firm, has entered into a strategic partnership with Samsung Asset Management (SAM) to develop asset management products and capabilities for the Korean market.
Under the partnership, both the firms will also develop co-branded retirement products for Korea market.
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The new products will mainly focus on middle-aged workers and senior citizens who are in need of sustainable and long-term asset accumulation and management programs.
This partnership will enable the firms to co-operate on four main areas including investment management processes, retirement solutions, product management and distribution channel support.
The deal will see Capital’s products and services distributed through SAM channels.
SAM CEO Sung-hoon Koo said: "We expect demand for retirement solutions and asset allocation products will surge in Korea over the next decades, so we welcome this strategic partnership with a world expert.
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By GlobalData"This strategic partnership will enable Samsung Asset Management to enhance and upgrade its active equity investment capability and implement life cycle asset allocation product strategies which have already been proven in developed markets."
Capital Group chairman Tim Armour said: "Together, with Samsung, we can help Korean individuals and institutions achieve their long-term investment objectives, just as Capital Group has done in the US and elsewhere, managing assets through all market cycles."
