US investment firm BlackRock said Wednesday that it aims to sell its onshore retail fund business in South Korea to a local peer, DGB Asset Management, as part of its business restructuring in the country.

The transaction is subject to regulatory approval in Korea and the terms of the sale were not disclosed, BlackRock added.

After the restructuring, BlackRock’s Korean arm will focus on serving Korean institutional investors with offshore investment solutions. The Korean arm, BlackRock Investment Management Korea, has been headed by Choi Man-yeon since 2014.

The news comes more than a decade after BlackRock, which had pooled some 1 trillion won ($885 million) worth of assets from Korean clients as of last week, earned regulatory approval to operate as an asset management firm in Korea in 2008.

BlackRock said in a statement that it would stay committed to the Korean operation.

“As we pursue the next stage of growth, the ability to harness the greatest potential in any market and allocate resources efficiently is critical to ensure the delivery of investment excellence our clients expect,” said Susan Chan, head of BlackRock’s Asia operations. “BlackRock is committed to serving more investors in South Korea for the long-term.”

By Son Ji-hyoung (consnow@heraldcorp.com)