Korea Investment Corporation
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| Type | Government-linked company (Sovereign wealth fund) |
|---|---|
| Industry | Investment management |
| Founded | 2005 |
| Headquarters | Seoul, South Korea |
| Key people | Youngwook Chin, Chief Executive Officer |
| Website | http://www.kic.go.kr/ |
The Korea Investment Corporation (KIC, Korean: 한국투자공사) is a global investment management company established by the Government of South Korea in 2005 by the Korea Investment Corporation Act. The company manages some of South Korea's foreign reserves, specializing in overseas investments. Although the KIC is government-owned and government-established, it runs commercially and independently.
The KIC initially received US$ 17 billion of foreign exchange reserves from the Bank of Korea and US$ 3 billion of foreign exchange stabilization fund from the Ministry of Finance and Economy of Korea.
On January 15, 2008, the KIC invested $2 billion in Merrill Lynch & Co, a United States-based financial services firm. [1]
According to Maeil Business Daily (March 2, 2009), one of leading business publications in South Korea, the investment losses have been mounting. The Merrill purchase has yielded as much as 80% negative return as of February 25, 2009. Moreover, with limited prospect of getting additional funding due to the controversy at home, the fund does not seem to have much investable cash left in its coffer. [2]
[edit] References
- ^ "KIC in $2 billion investment in Merrill Lynch.". Clearly Gottlieb Steen & Hamilton LLP.. 2008-02-27. http://www.cgsh.com/ko/experience/detail.aspx?experience=891.
- ^ "PRESS DIGEST South Korea Newspaper". Reuters. March 3, 2009. http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSSEO36344120090303.
[edit] External links
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