Seoul: Hanwha Asset Management Co., a subsidiary of Hanwha Life Insurance Co., announced the appointment of four new executives to enhance its global alternative investment strategies. The move signals Hanwha Asset's commitment to expanding its presence in the global capital market.
According to Yonhap News Agency, the asset management firm has strategically hired Bryan Kim as executive vice president, a private credit expert previously with Pacific Gate Capital Management. Additionally, Kim Kyu-hyun, who has a robust background in private equity from his tenure at Morgan Stanley, has been named senior vice president.
Song Yong-wan, formerly of Blackstone Inc., an asset management firm based in New York, will spearhead Hanwha's real estate investments. Park Dong-hyuk, coming from Keppel Investment Management in Singapore, will focus on infrastructure platform investments.
The recruitment of these executives underscores the increasing interest among South Korean asset managers in exploring opportunities in overseas markets, especially in the realm of alternative assets. These assets extend beyond traditional investments such as bonds and stocks, encompassing private equity, real estate, and cryptocurrencies.
The asset management industry in South Korea is witnessing a trend where firms like Mirae Asset Global Investments Co. have achieved significant success in international markets. Mirae Asset's consolidated net income surged by over 30 percent in the first half of the year, largely due to the strong performance of its exchange-traded funds in global branches.
In a statement, Hanwha Asset Management emphasized its aim to recruit leaders with international expertise to penetrate high-value, mid-to-long-term investments in the alternative sector. The company has established offices in San Francisco and New York and reported assets under management in alternative investments totaling 22.6 trillion won (approximately US$16.2 billion) as of the end of May.
Since launching its private equity and venture capital operations in 2016, Hanwha's sector has achieved an impressive annual growth rate of 40 percent, further solidifying its foothold in the alternative investment landscape.