Credit Suisse and Woori enter into JV

Under the terms of the agreement, Credit Suisse will take a 30% stake worth KRW54 billion ($56.6 million) in Woori Asset Management, the Korean bank’s asset management arm and Korea’s fourth largest asset manager with KRW14,000 billion of assets under management (AUM).

Woori Asset Management was created after LG Investment Trust Management was acquired by Woori in December 2004, and subsequently merged with Woori Investment Trust Management.

Credit Suisse will be represented on the joint venture’s board, and aims to offer its experience in product development, investment management, risk management and marketing and sales.

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