Axa Investment Managers has signed a new joint venture agreement with Korean life insurance company Kyobo Life.
The joint venture company, Kyobo Axa Investment Managers, is a local Korean asset manager which covers equities, fixed income and alternatives among other asset classes.
It is 50:50 owned by Axa IM and Kyobo Life.
Axa IM and Kyobo Life have had a strategic partnership since 2008.
As of 30 June, Kyobo Axa IM managed approximately W45trn ($33bn) of assets, primarily for large third-party Korean institutions and retail clients.
“We are very excited to continue this trusted partnership with Kyobo Life and sincerely believe that this continued relationship will fuel our development strategy in Asia Pacific, a key region for us,” said Jean-Christophe Menioux, Axa IM global chief financial officer and general secretary.
“With the support of Kyobo Life’s financial strength and network, we are committed to distributing more tailored, responsible and innovative solutions, together with our world-class asset management services, to Korean clients to help them build a better tomorrow.”
“We expect Kyobo Axa IM’s asset management capabilities to be further reinforced by continuing this partnership with Axa IM, a firm with global competitiveness in asset management,” said Dae-Kyu Cho, head of Kyobo Life’s corporate planning division.
“By leveraging on Axa IM’s investment capabilities and its diverse range of products, Kyobo Axa IM will be able to provide better asset management services to Korean investors and also contribute to enhancing Kyobo Life’s asset management performance.”
