The Korea Investment Corporation opened an office in Singapore, its third overseas center. Singapore is developing into a preferred hub for sovereign wealth funds.
The new Singapore branch is Korea Investment Corporation's (KIC) third international center, following those in New York and London, as the $122 billion sovereign wealth fund continues to expand beyond its home base.
KIC will manage assets locally through the Singapore office while focusing on deal-sourcing and building networks in Southeast Asia, India and Oceania. The new branch is expected to not only to improve KIC’s overall return through local asset management, but also to facilitate co-investment with major institutional investors and global asset managers.
Sovereign Wealth Hub
To mark the occasion the wealth fund held an opening ceremony of its Singapore branch office located at Asia Square. The commercial complex which is home to numerous wealth managers including Julius Baer, J.Safra Sarasin and Citi Private Bank, is owned by another national investor, the Qatari Sovereign Wealth Fund.
Guests included leaders from the Singaporean government, sovereign wealth funds and global asset managers, including Lawrence Wong, Singapore’s minister for national development, and Lee Sangdeok, ambassador of the Republic of Korea to Singapore.
Singapore is a key hub to some of the world's largest and most influential sovereign wealth funds. Along with the domestic Singapore fund the Norwegian state-owned investment fund, which recently reached the value of $1 trillion for the first time since its establishment in the 1990s, also has an office in the city-state.
