Goldman Sachs to acquire 100% of South Korea asset manager

Goldman Sachs said in a statement that the deal is expected to close later this year, subject to regulatory approvals.
However, it declined to reveal the acquisition price.

Macquarie-IMM Investment Management, which employs 22 professional investors according to its Web site, is 65% owned by Macquarie Investment Management and 35% owned by South Korea's IMM & Co.
"This acquisition is a significant milestone for GSAM in Korea, a growing financial hub with significant market potential," said Stephen Fitzgerald, head of GSAM International in the statement.
"By leveraging our global and local expertise, GSAM aims ultimately to deliver the best client service and product offerings to become the pre-eminent asset manager to institutions, government agencies and investors in Korea and in turn, one of the leading asset managers in the Asia region."
Macquarie-IMM, with about KRW10 trillion assets under its management, is a boutique investment manager providing investment products to corporate, institutional and mutual fund clients in Korea.
-Edited by Rosalyn Lim
Source : http://www.marketwatch.com