Credit Suisse, Woori set up asset manager

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Investment bank Credit Suisse and Korea's Woori Financial Group have signed a joint-venture agreement to create an asset management firm in Korea. The JV, Woori Credit Suisse Asset Management, is expected to be functional in May 2006.

Under the agreement, Credit Suisse will take a 30% stake worth 54 billion Korean won ($56.5 million) in Woori Asset Management, the Korean bank's asset management arm and Korea's fourth largest asset manager, with 14 trillion Korean won of assets under managemen

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