Summary of Proposed Investment
Project Number
9392
Company Name
SEI-Asset Korea Mutual Fund
Date SPI Disclosed
Dec 7, 1998
Country
Korea, Republic of
Industry
other
Status
Completed
Sector
Domestic Mutual Fund/Unit Trust
Department
Equity Portfolio Management
Environmental Category
C - No Impact
Previous Events
Approved : Mar 16, 1999
Signed : Mar 18, 1999
Invested : Apr 9, 1999
Project Description
REVISED Summary Of Project Information (SPI)
| Project Name | Korea: SEI-Asset Korea |
| Mutual Fund Management Compay and Equity Mutual Fund |
| Region | Asia |
Sector
Project No009392
Projected Board DateJanuary 8, 1999
Company NameSEI-Asset Korea
Technical Partner and/or Major Shareholders
The proposed project seeks to develop a mutual fund management company in Korea (SEI-Asset Korea or SEI-AK) structured as a joint venture amongst SEI Investments, (possibly) Tong Yang Securities, IFC, and the management of Asset Korea Capital Management Co. (Asset Korea)
Project Cost Including proposed IFC investment
US$6.0 MM
Location of project and Description of site
Seoul, Korea
Urban location
Description of Company and Purpose of Project
SEI-Asset Korea, is expected to be one of the first joint-venture mutual fund management companies set up under the Korean Securities Investment Company Act, which became effective on Sept. 16, 1998 and is modeled on the U.S. Investment Company Act of 1940. The new law intends to create an alternative to the existing Investment Trust Funds (ITMCs), which are perceived by industry experts and government officials to be in need of reform. The proposed project intends to build on the continued liberalization of the Korean financial sector to develop a mutual fund management company along the lines of best international practices.
Environmental Category and Issues
Based on the available information, this is a Category C project according to IFC’s environmental review procedure. No further environmental review is therefore required.
| Date SPI sent to InfoShop Revised | December 7, 1998 December 8, 1998 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
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