Kim Named CEO of GS Asset Management
By Yoon Ja-young
Staff Reporter
GS Group has appointed Kim Seok-kyu, former CEO of Kyobo Investment Trust Management, to head its new asset management arm comprising 28 people.
The country's sixth largest conglomerate launched GS Asset Management Wednesday, after getting approval by the Financial Services Commission last Friday.
Kim built up a distinguished career in the industry; being selected as the best fund manager a number of times.
The asset management company was set up with 10 billion won in capital, with GS Group's resort subsidiary holding a 45 percent stake. Korea Post holds a 9.9 percent stake, and Korea Investment Securities and Woori Investment Securities hold a 5 percent stake, each.
GS Group is expected to make a successful leap forward in the industry through the launch, based on resources development, capability in social overhead capital, customer base and brand awareness of its subsidiaries including GS Caltex, GS Retail, GS Homeshopping and GS Engineering & Construction.
Kim said it would expand the business to alternative investment, private equity fund and retirement annuity from next year.