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BNY Mellon awarded USD388m funds mandate by Woori

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BNY Mellon Asset Management has been appointed to sub-manage a range of international investment funds on behalf of Woori Asset Management, the asset management subsidiary of Woori Fina

BNY Mellon Asset Management has been appointed to sub-manage a range of international investment funds on behalf of Woori Asset Management, the asset management subsidiary of Woori Financial Group.

Woori Financial Group is one of the largest financial groups in South Korea with approximately KRW15trn (USD10.1bn) of assets under management.

The USD388m mandate, comprising ten regional and sector equity mandates, will be split amongst BNY Mellon Asset Management’s investment boutiques, including Blackfriars Asset Management, Mellon Capital Management and WestLB Mellon Asset Management.

The boutique asset managers offer a wealth of investment experience. Headquartered in London with USD2.3bn in assets under management, Blackfriars focuses on global and regional emerging markets equity, debt, and global fixed income. San Francisco-based Mellon Capital is one of BNY Mellon’s specialist asset managers focused on fundamentally-based global quantitative strategies and has a tradition of investment management innovation spanning over 30 years. WMAM is a 50:50 joint venture between WestLB and The Bank of New York Mellon. Located in Dusseldorf, Germany, WMAM offers clients both core and specialist products. A Japanese equity element of the mandate will be managed by a separate investment group within BNY Mellon Asset Management.

"A long history of strong client service, competitive performance and innovative products, continues to position all of our asset management boutiques well against our competitors," says David Jiang, chief executive of BNY Mellon Asset Management Asia Pacific. "Korea is a key market for BNY Mellon and our business is growing significantly in the region. This appointment reflects our strength in depth and ability to match client needs with investment solutions."

BNY Mellon Asset Management announced the opening of a representative office in Seoul in December 2006.

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