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Investment Management

“Kim & Chang is uniquely capable of providing advice on complex legal and regulatory issues,
while being mindful of industry context, rather than simply regurgitating generally applicable principles.”
– Asialaw Profiles 2017

Overview

Kim & Chang’s Investment Management Practice is comprised of over 30 professionals, including attorneys, foreign licensed attorneys, accountants and industry experts, assisting both international and domestic investment management companies and investors in all aspects of indirect investment matters.  

Our Practice provides various legal services for placement and management of funds, including regulatory matters, overseas indirect investment, alternative investment, offshore and domestic fund formation, and dispute matters relating to indirect investment.

Our Practice’s extensive experience in advising both international and domestic investment management companies, pension funds and institutional investors has made us the recognized leader in providing comprehensive legal services for investment management matters.  Our in-depth experience of diversified professionals places us in a unique position to understand the needs of our clients and to provide one-stop solutions that address our clients’ legal and commercial concerns. 

Key Servicesshow

Regulatory Compliance

We advise domestic and non-Korean entities engaging in a cross-border business with Korean customers on a broad range of regulatory and compliance issues in respect of the investment management business, including licensing and registration requirements, regulatory compliance, offer and sale of financial products, corporate governance, and internal control.  In particular, we provide unparalleled advice to clients in launching new fund products domestically and internationally and have extensive experience in assisting clients in connection with domestic sales of onshore and offshore investment funds, including preparing, reviewing, and negotiating documents for the establishment and/or registration of investment funds in Korea.  We have unrivaled track record in the area of registration of offshore funds in Korea and extensive experience in advising clients with respect to the establishment and management of domestic private equity funds.

 

Overseas Alternative Investment (Overseas Indirect Investment)

We represent and advise major domestic institutional investors in respect to their investments in overseas funds including co-investments.  Based on our deep understanding of, and extensive experience in, various overseas investment types, including private equity funds, hedge funds, real estate funds, private debt funds and infrastructure funds, we ensure that our clients have an accurate understanding of their investments and assist in the negotiations of the best terms for the transaction.  We also offer comprehensive, one-stop legal service to our clients in cooperation with other practices within the firm including tax and foreign exchange regulatory matters.

 

Indirect Investment Related Disputes

In collaboration with our firm’s litigation and arbitration practices, we offer legal advice in relation to overseas indirect investments based on our in-depth understanding of asset management-related regulations and the investment process.  We work closely with our clients to develop effective strategies for bringing and defending claims relying on our extensive experience and expertise in the investment management industry.

 

Fund Formation

We support the formation of domestic and overseas funds based on our expertise in domestic asset management-related regulations and tax planning, and our understanding of various investment targets and investment strategies, needs of investors and asset management companies, etc.  Further, we provide legal advice on structuring strategies for funds, including domestic private equity funds and venture capital funds as well as overseas funds in accordance with the investment demands and fundraising considerations.  In consideration of various factors, including target investors and investment targets, we assist our clients set up funds in a manner most efficient for placement and execution of investment.

 

Licensing and Registration

We have unparalleled experience in assisting in the licensing or registration of asset management companies, investment advisory companies, and discretionary investment management companies either by establishing a local presence or on a cross-border basis as well as registration of overseas funds both for public offering and private placement in Korea.  Our attorneys assist clients in all phases of the authorization process, including counseling clients on the appropriate license needed to conduct the contemplated business activity and the qualification requirements to obtain the license, assisting in the preparation of the relevant application documents, consultation with the regulatory authorities throughout the application process, and advising on ongoing regulatory/filing requirements to maintain the license and carry on business activities.

 

Mergers and Acquisitions

We have broad experience in representing both sellers and purchasers in respect of acquisition of Korean investment management companies and its related service providers, such as fund administration companies.  Our attorneys advise clients at every stage of the merger process including initial feasibility analysis, due diligence, structuring, drafting and negotiating, and obtaining necessary regulatory approvals to consummate the transaction.  Following the consummation of the acquisition, with a keen understanding that multinational investment management companies conduct their business on a global basis, we also provide advice to clients with respect to various business integration matters.

Key Experiencesshow

Clients of our Practice include Korean and multinational companies engaged in investment management business and/or distribution of investment management products and services as well as major pension funds and institutional investors of such products and services.

 
  • Represented the National Pension Service (NPS) and Korea Investment Corporation (KIC) in respect of their investment in overseas private funds and co-investments.

  • Represented major domestic asset management companies and insurance companies in respect of their investment in overseas private funds.

  • Represented private equity and venture capital funds in respect of fund formation outside Korea.

  • Represented Fine Partners Corporation in its merger with Fine Asset Management Corporation.

  • Represented ING Insurance International in its sale of ING Investment Management Korea.

  • Represented Prudential Financial, Inc. in its sale of Prudential Investments & Securities and Prudential Asset Management. 

  • Represented Société Générale Asset Management S.A. in the sale of its 50% interest in IBK-SG Asset Management Co., Ltd. to Industrial Bank of Korea, its joint venture partner.

  • Represented Consus Asset Management Co., Ltd. in its acquisition of 65.5% shares of Kumho Life Insurance through the acquisition of existing and new shares from Kumho Asiana Group.

  • Represented BNP Paribas in the merger of Shinhan BNP Paribas ITMC and SH Asset Management Co., Ltd.

  • Advised on the acquisition of Macquarie-IMM Asset Management Company by Goldman Sachs Asset Management.

  • Represented Morgan Stanley Private Equity in its KRW 270 billion sale of 87.62% shares of Landmark Investment Management Co., Ltd., a Korean asset management company, to ING Group.

  • Represented Macquarie Bank International Limited in its establishment of joint venture company, Macquarie Samchully Asset Management Co. Ltd., with Samchully Company Limited.

  • Represented Credit Suisse in its formation of a joint venture company, Woori Credit Suisse Asset Management, with Woori Financial Group. 

  • Represented Mirae Asset in its acquisition of SK ITMC.

  • Advised in the establishment of various asset management companies, including FIL Asset Management Company and Alliance Bernstein Asset Management. 

  • Represented a number of offshore investment managers in obtaining cross-border discretionary investment management and investment advisory registration. 

  • Advised in the registration of offshore public and private funds.

  • Represented a number of clients in major disputes within the asset management industry.

 

PE Formation
  • Represented Anchor Equity Partners in its offshore private equity fund formation.

  • Represented IMM Private Equity, Macquarie Korea Opportunities Management Ltd, MBK Partners, VIG Partners, Hahn & Company, Woori Blackstone, Unison Capital Korea and Standard Chartered Private Equity in their respective onshore private equity fund formation.

  • Represented POSCO and CLSA Capital Partners Korea in their COPA fund formation.

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