South Korea’s NongHyup Financial Group is set to focus on asset management as its new core area of competence.
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Yim Jong-yong, the chairman of the firm, said that the group would now promote NongHyup Asset Management as a core unit, which could also merge with other entities.
Jong-yong added that the firm is likely to hire more people for the asset management division, especially in sectors such as research and development, as well as will introduce the post of chief information officer, which is the first such effort to be taken by a local financial group.
The firm has appointed Kim Hee-seok, ex- executive director of Hanwha Life Insurance, as its new CIO as well as already reshuffled its executives and appointed experts in asset management.
NongHyup Life Insurance and Property Insurance are targeting a rise in the proportion of highly profitable assets through overseas and alternative investments.
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By GlobalDataNongHyup Bank has decided that their fund department will manage the circulative fund, whereas the fund management department will handle the investment fund.
The firm is also planning to increase the percentage of outside management of assets owned by the bank and insurance companies from the existing 15% to 30% by 2020.
Besides, NongHyup Asset Management is looking to enter into sectors including alternative investment and exchange-traded funds.
