As the quest for transparency and efficiency opens Koreas fund administration market, major custodians are busy striking up alliances with local fund service providers to get a head start.
Following the collapse of some of its major financial institutions, Korea last year promised to reform its financial structure and open up the collective investment market in exchange for financial support from the IMF.
Among the reform measures, mutual funds and unit trusts are required to outsource their performance evaluation and fund administrative functions to increase transparency and efficiency, opening up the largest investment fund market in Asia ex-Japan.
State Street has been operating in Korea for more than 10 years, holding a...
