KB Securities seeks to sell Hyundai Asset Management

KB Securities Co., a major South Korean brokerage firm, is pushing for the sale of an asset management unit, industry sources said Monday.

KB was born through a merger of Hyundai Securities Co. and KB Investment & Securities Co. early this year. KB also absorbed Hyundai Asset Management as an affiliate.

(Yonhap)

KB initially considered retaining the asset management company, which is known for real estate and special asset management, in tandem with KB Asset Management Co., according to the sources.

But it has reversed its decision and begun work to sell off the firm, they added.

KB officials said no final decision has been made yet.

“Currently, various options are being reviewed inside the group. No decision has been fixed yet,” a company official said. “A decision will be made soon in comprehensive consideration of market conditions, synergy and our group‘s strategy on asset management business.” (Yonhap)