Korea Investment Corporation
Country: South Korea
Established: 2005
US$ Billion: 30
Origin: Non-commodity
Transparency Rating: 9
Summary:
KIC is a government-owned investment management company, specializing in overseas investments. In order to maximize efficiency of its investment, however, KIC has been designed to be run commercially and independently.
Background:
Enacted by the Korea Investment Corporation Act and created in July 2005. Initially, KIC is to manage USD 17 billion of foreign exchange reserves from the Bank of Korea and USD 3 billion of foreign exchange stabilization fund from the Ministry of Finance and Economy.
Strategies and Objectives:
The asset classes may include securities (including stocks and bonds defined under the KIC Act), foreign currencies, and derivatives, etc. The fund will also utilize external managers.
News and Updates
5/5/2008
Barclays and KIC seek possible deal
According to Reuters, "British bank Barclays has held talks with an investment fund backed by the Korean government as it explores options for raising billions of pounds of fresh capital."
read more: Reuters
2/19/2008
Extra $10 Billion Fusion from the Government
Guan Ong, chief investment officer of the fund announced on Tuesday that the KIC will receive US$ 10 Billion. The Korean Government plans to increase assets of the fund to US$ 50 Billion by 2010.
Location
16F Seoul Finance Center
Seoul, South Korea
Website
KIC site
1. All figures quoted are from official sources, or, where the institutions concerned do not issue statistics of their holdings, from other publicly available sources.
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