Blackstone considers expanding presence in Korea

Financial Services Commission Chairman (FSC) Kim Byoung-hwan, right, speaks with Blackstone Chairman Stephen Schwarzman at Blackstone headquarters in New York, Tuesday (local time). Courtesy of FSC

Financial Services Commission (FSC) Chairman Kim Byoung-hwan encouraged Blackstone to expand its presence in Korea during a meeting with its Chairman Stephen Schwarzman in New York on Tuesday (local time).

Schwarzman, who leads the world's largest private equity firm, responded positively, stating that Blackstone is "actively considering expanding into the Korean market."

The meeting took place during Kim's official visit to the U.S., aimed at highlighting the Korean government’s progress in capital market reforms, such as improved access to foreign exchange and capital markets, the reinstatement of short selling, and efforts to boost corporate value.

The timing is notable, as the FSC is preparing to authorize global asset managers to broker funds through local subsidiaries. There is growing anticipation that global players like Blackstone will become more actively engaged in the Korean market following the change. Blackstone has been operating a Seoul office since 2022.

Kim also highlighted to Schwarzman the maturity and resilience of the Korean economy. He said, "Korea is addressing recent political uncertainties in a calm and orderly manner, in line with constitutional principles and procedures."

Schwarzman is regarded as a key economic and financial advisor to U.S. President Donald Trump, having served as chairman of a policy forum that advised him on economic matters. He is also reported to have played a mediating role in trade negotiations with countries such as China and Canada during Trump’s first term.

On the same day, Kim held a closed-door meeting with senior executives at Morgan Stanley Capital International (MSCI). According to the FSC, Kim called for a fair assessment of the government's efforts in MSCI's future evaluations of its Developed Markets Index.

Kim also met with representatives of Korean financial institutions based in New York and extended his focus to the bio-industry by visiting the U.S. office of the Korea Health Industry Development Institute in Boston on Monday.

Kim said, "We will establish close communication channels with U.S. financial authorities to support Korean institutions in resolving regulatory and operational challenges they face locally."