Samsung Asset, Manulife IM ink strategic alliance

Seoul-based Samsung Asset Management and Canadian counterpart Manulife Investment Management have signed a memorandum of understanding for the bilateral strategic alliance, Samsung Asset said Thursday.

The largest asset management firm in South Korea, overseeing some 280 trillion won ($250 billion) assets in March, will team up with Manulife IM to explore opportunities in overseas alternative investing, private assets and specialized public market strategies. The partnership will also allow the firms to develop wealth management schemes and strategies that revolve around environmental, social and governance factors.

Samsung Asset will also be offered advisory services by Manulife IM in its Asia fixed-income strategies.

“Through the strategic alliance, (Samsung Asset) will be able to address investment needs of clients here and abroad in the field of infrastructure investing, wealth management and ESG-focused products,” Samsung Asset Chief Executive Shim Jong-geuk said in a statement.

“Innovative investment solutions such as private asset investments, offshore strategies and ESG opportunities will play an increasingly important role in helping investors in Korea accumulate wealth,” said Paul Lorenz, chief executive, global wealth and asset management at Manulife IM.

Managing $758 billion assets as of end-2020, Manulife IM is an asset management arm of Toronto-based insurance group Manulife Financial Corp.

By Son Ji-hyoung (consnow@heraldcorp.com)