Samsung Asset Management has signed an agreement with Capital Group to develop co-branded retirement products for Korea market.
Capital’s products and services will also be distributed via SAM channels under the partnership, the firms said in a joint statement.
This partnership will enable SAM to upgrade its active equity investment capability and implement life cycle asset allocation product strategies already used in developed markets, said CEO Sung-hoon Koo.
Demands for retirement solutions and asset allocation products will surge in Korea over the next decade, Koo claimed.
Like other Asian countries, Korea is facing demographic challenges in meeting the long-term financial needs of an aging population, said Tim Armour, chairman of Capital Group.
SAM is the top asset manager in Korea with more than $165.7bn assets under management, while Capital Group has $1.4trn AUM, according to the statement.
