By Yoon Ja-young
Staff Reporter
Kyobo Life Insurance, one of the top three in the industry, said it would set up an asset management company jointly with France's AXA Group.
The insurer said its asset management arm Kyobo Investment Trust Management would be converted into a joint venture of Kyobo and the AXA Group. Kyobo Life Insurance and AXA will each hold a 50 percent stake. The life insurer currently owns the asset management firm after it bought a 64 percent stake from Kyobo Securities for 43.4 billion won in December last year.
The name of the new joint venture is likely to be KYOBO AXA Investment Managers.
AXA is a global insurance giant with over 2 quadrillion won in assets under management. It has had close ties with Kyobo, acquiring its non-life insurance arm last year. It changed the name to Kyobo AXA Auto Insurance, keeping the widely-known Kyobo in its name.
The joint venture set up by Kyobo and AXA is likely to have a considerable effect on the industry, as AXA has a global network and expertise in managing long-term assets and developing products. It will be managing the assets of the AXA Group as well as those of Kyobo Life, and plans to advance into overseas markets.
``AXA is known for achievements made in asset management. We hope that the joint venture will grow into a leading company in the industry, on enhanced management skills,'' a spokesman for Kyobo Life said.
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