The, for which terms were not disclosed, is part of the company's plans to restructure its Korea business.
BlackRock is planning on selling its onshore retail fund business in South Korea to local firm DGB Asset Management, a member of DGB Financial Group, the firm said in an announcement on Wednesday.
«As we pursue the next stage of growth, the ability to harness the greatest potential in any market and allocate resources efficiently is critical to ensure the delivery of investment excellence our clients expect. And this is precisely what we are doing right now,» Susan Chan, BlackRock head of Asia, said in the announcement.
The firm said it will continue to serve Korean investors with diversified offshore active, index and alternatives investment solutions after the restructuring is completed.
