The development follows the acquisition of the company by South Korean private equity firm Feynman Invest. Credit: yeoul Shin on Unsplash.

Macquarie Investment Management Korea (MIM Korea), a unit of Australia’s Macquarie Investment Management, has reportedly been rebranded as Feynman Asset Management.

The development follows the acquisition of the company by South Korean private equity firm Feynman Invest, The Korea Herald has reported.

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Feynman Invest obtained a regulatory nod from Financial Services Commission last month to take a 100% stake in Macquarie. The deal was concluded last week.

Feynman Invest set up the first fund, worth KRW10bn (8.89m) in October last year to take over the asset management unit of Macquarie.

MIM Korea was established by Macquarie in 2013, following its acquisition of ING Group’s investment management business in South Korea.

The unit is said to manage about $1.2bn in assets.

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Following the new development, Feynman Asset Management will launch more solution related to alternative investing, including venture capital, corporate financing, and private equities.

Previously, the unit specialised in providing equities and fixed-income investing strategies.

The rebranded entity will be led by Kim Eun-soo, who was previously the head of the Korean unit of Hong Kong-based Mason Group.

According to the report, MIM Korea’s AUM plummeted majorly due to a cancelled asset management partnership with Orange Life Insurance, which was previously called ING Life Insurance Korea.

The former Korean unit of Macquarie IM registered a KRW 6.3bn operating loss last year, an eightfold rise on-year.

At present, Macquarie Group operates one Korean subsidiary, Macquarie Korea Asset Management. The unit completed merged with affiliate Macquarie Korea Opportunities Management last year.