Axa IM and Kyobo Life, the third largest insurer in Koreal have officially embarked on a joint asset management venture following an agreement signed in the second term of 2008.
The combined business will focus on increasing the proportion of third party institutional and retail clients and developing equity expertise.
Previous Axa Rosenberg CIO in Tokyo, Cheng S. Liao has been appointed as chief executive of the new company.
Axa IM chief executive Dominique Carrel Billiard says: “The Korean market is one of the most exciting and becoming increasingly sophisticated. With Kyobo AXA Investment Managers, we are committed to establishing a strong business in Korea, where we are convinced that both a long-term perspective and a local approach are key success criteria”.