Most new asset management firms in South Korea end up lagging the competition due to their smaller sizes. They suffer from operating losses and even cancel registrations. However, a few firms are taking the spotlight with outstanding performances by specializing in key growth areas.
Since 2015 when the Financial Services Commission (FSC) eased regulations on private equity funds, around 300 Korean asset management firms have been registered, as of end-2021. The new firms make up around 88% of the current 344 investment management companies in the country.
Some of the new asset managers are growing fast due to their areas of specialization, such as in domestic logistics center investment, real estate project finance (PF) and overseas properties. Among them are Kendall Square Asset Management Inc. and ADF Asset Management Co., respectively registered in 2017 and 2015. The two firms are specializing in logistics centers based in Korea.
Kendall Square has listed ESR Kendall Square REIT, Korea’s first logistics center REIT for domestic warehouses. The Canada Pension Plan Investment Board is the largest shareholder of the REIT, owning a 24.85% stake as of Nov. 30, 2021, according to its financial disclosure.
ADF, managing more than 3 trillion won ($2.4 billion) in assets, received government approval in January to launch a REIT asset management company and is set to use the REIT for domestic warehouse investments.
Heritage Capital Management Co., established in 2018, is focusing on real estate PF debt. The Chief Executive Hyun-suk Song, who formerly directed KB Securities Co.’s real estate management, is leading investments in project finance debt and construction companies’ development projects. The firm achieved 18.5 billion won ($15.2 million) net profit in 2021 and is planning to launch a commissioned REIT using real estate PF this year.
Pebblestone Asset Management Co. is one of the fast-growing new firms based on its overseas investment track record and global network. Founded in 2016 by Terry Hwang, former CEO of Deutsche Asset Management Korea Ltd., the firm has focused on overseas partnerships and value-add and opportunistic strategies. The company has led two global financial firms’ first investments in Korean warehouses — Credit Suisse’s 120 billion won fund to acquire two logistics centers in 2019 and Hines’ warehouse development fund in 2021. Pebblestone saw 8.3 billion won of net profit last year and signed logistics center contracts worth 1 trillion won.
Tiger Alternative Investors Co., founded in 2018, has also rapidly expanded based on overseas investments including acquisition financing, infrastructure funds and real estate debt. The firm and NH Investment & Securities specialized by investing in multifamily homes in California for $220 million last September. Managing 6.6 trillion won in assets, the firm achieved 10.5 billion won in operating profit and 3.5 billion won in net profit in 2021.
“Korea’s new and small-cap asset managers find it hard to perform well in terms of quantitative evaluation. However, some firms have their own competitive edge and are expected to steadily grow even amid market volatility,” an asset management source said.
由于规模较小，韩国大多数新成立的资产管理公司最终都落后于竞争对手。他们遭受经营损失，甚至取消注册。然而，一些公司通过专注于关键增长领域而以出色的表现成为焦点。
自 2015 年金融服务委员会 (FSC) 放宽对私募股权基金的监管以来，截至 2021 年底，已有约 300 家韩国资产管理公司注册。新公司约占该国目前 344 家投资管理公司的 88%。
一些新的资产管理公司由于其专业化领域而快速增长，例如国内物流中心投资、房地产项目融资（PF）和海外物业。其中有 Kendall Square Asset Management Inc. 和 ADF Asset Management Co.，分别于 2017 年和 2015 年注册。这两家公司专门从事韩国的物流中心。
Kendall Square已上市ESR Kendall Square REIT，这是韩国首个国内仓库物流中心REIT。根据其财务披露，加拿大养老金计划投资委员会是 REIT 的最大股东，截至 2021 年 11 月 30 日拥有 24.85% 的股份。
ADF 管理着超过 3 万亿韩元（24 亿美元）的资产，于 1 月份获得政府批准成立一家 REIT 资产管理公司，并准备将 REIT 用于国内仓库投资。
Heritage Capital Management Co.成立于2018年，专注于房地产PF债务。曾主管 KB 证券公司房地产管理的首席执行官 Hyun-suk Song 正在领导项目融资债务和建筑公司开发项目的投资。该公司在 2021 年实现了 185 亿韩元（1520 万美元）的净利润，并计划今年使用房地产 PF 推出委托 REIT。
Pebblestone Asset Management Co. 基于其海外投资记录和全球网络，是快速成长的新公司之一。该公司由德意志资产管理韩国有限公司前首席执行官 Terry Hwang 于 2016 年创立，专注于海外合作伙伴关系以及增值和机会主义战略。该公司领导了两家全球金融公司对韩国仓库的首次投资——瑞士信贷1200 亿韩元基金于 2019 年收购两个物流中心，Hines 仓库发展基金于 2021 年收购。Pebblestone 去年实现了 83 亿韩元的净利润并签署了协议物流中心合同价值1万亿韩元。
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