Morgan Stanley Capital International Inc. (MSCI) said Tuesday that it is awaiting a business license in South Korea with an aim to open an office in Seoul early next year.
The global investment index provider said it is waiting to receive regulatory approval, potentially by the end of this year or early next year, and it will start with a three-person team, Deborah Yang, MSCI's managing director and head of Asia Pacific excluding Japan, said in an e-mailed response.
Yang said the Seoul office will deal with sales, marketing and client services of MSCI's major product lines, but added that the opening is not related to MSCI's potential reclassification of the South Korean stock market.
MSCI retained South Korea's emerging market status on its global equities index for the third straight year in 2011, citing problems stemming from its rigid investor identification and a lack of accessibility.
The Korea Exchange, Korea's bourse operator, and MSCI clinched a provisional deal on Friday on data provision, which market watchers argue raises hopes that Korea may be upgraded to developed market status.
MSCI, based in New York, tracks stock market performances of 77 economies classified into three market categories -- developed, emerging and frontier markets. (Yonhap)