Franklin Templeton’s former head of the institutional business in South Korea will return to lead the investment manager’s business in the country.

Tay Kim (Tae Hee Kim), who was previously the head of the institutional business at Franklin Templeton Korea, will return to the company as head of the South Korean business, the investment manager said in a press release Wednesday. She will also be appointed as president and CEO of Franklin Templeton Investment Advisors Korea, pending regulatory approval, the release said.

Before rejoining Franklin Templeton, Kim was the country head for South Korea at MSCI for three years, the release said. She also has held roles as in business development and client relationship management at Citibank Korea and SK Securities, the asset manager said.

Rebuilding in South Korea

Tariq Ahmad, head of Asia distribution for Franklin Templeton, said Kim has significant institutional investment sales and distribution experience, which will be needed as Franklin Templeton moves to expand its institutional business in South Korea.

«Tay’s leadership skills, rooted knowledge of the Korean market, and demonstrable success in investment sales and relationship management make her uniquely qualified to head our Korean business,» Ahmad said in the statement. «She will focus on expanding our investment offerings and forging stronger relationships with our clients as we rebuild our business in Korea.»

Failed Exit Strategies

In April 2021, Franklin Templeton reportedly was in talks to sell its South Korean retail operations to a domestic asset management company, citing difficulty in achieving economies of scale. That was after unsuccessful efforts to merge the operations with Samsung Active Asset Management in 2019 and to sell its assets under management to Kiwoom Asset Management in 2020, according to a report in «The Korea Times». 

Kim is succeeding Yong-Bae (YB) Jeon, who was president and CEO in South Korea for Franklin Templeton since 2010, the release said. Jeon will transition to become an independent auditor and advisor to Franklin Templeton’s board, the release said.

Franklin Templeton had around US$1.5 trillion in assets under management as of end-March, the release said.