S.Korea's KIC to resume overseas investment- paper

SEOUL, June 19 Fri Jun 19, 2009 5:11am IST

Related Topics

SEOUL, June 19 (Reuters) - The South Korean government will pump an additional $3 billion into Korea Investment Corporation (KIC) to enable the sovereign wealth fund to resume overseas investment, a newspaper reported on Friday.

The Maeil Business Newspaper cited a senior KIC official as saying that the fund was considering alternative investments which would be made jointly with private equity firms and financial services companies.

"(KIC) is studying a variety of investment options, including leveraged buyouts, distressed assets purchases and venture capital," the unnamed official was quoted as saying.

KIC manages $25 billion in assets, including part of the country's foreign currency reserves and assets of the finance ministry.

The fund invested $2 billion in Merrill Lynch early last year before the U.S. bank was bought by Bank of America Corp, which has reportedly translated into heavy losses and led it to shy away from foreign assets.

(Reporting by Kim Yeon-hee; Editing by Jonathan Hopfner)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

India-WTO Row

REUTERS SHOWCASE

Market Eye

Market Eye

Nifty falls most in nearly 3-1/2 weeks; Sensex down over 400 points  Full Article 

Factory Activity

Factory Activity

Factories post fastest growth for 17 months in July  Full Article 

Paying for Bail

Paying for Bail

Jailed Subrata Roy gets office to negotiate hotel sales.  Full Article 

Rupee Dips

Rupee Dips

Rupee posts biggest weekly loss since record lows in August.  Full Article 

Reviving Infosys

Reviving Infosys

CEO Sikka says to improve business with new growth avenues  Full Article 

Outlook Slashed

Outlook Slashed

ArcelorMittal cuts outlook as ore prices hit mining  Full Article 

Re-gaining Momentum

Re-gaining Momentum

China, Asian factory growth gathers pace; Europe falters  Full Article 

Factory Lockout

Factory Lockout

Pfizer says threats to managers force staff lockout at Mumbai factory .  Full Article 

Gold Smuggling

Gold Smuggling

In cat-and-mouse game, India uncovers new gold smuggling route.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage