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Korean broker Woori to launch Singapore hedge fund

Reuters- South Korean broker Woori Investment & Securities said on Tuesday it will start a $100 million Asia-focused hedge fund in Singapore as part of plans to expand its business in Southeast Asia. Woori plans to boost revenue contribution from its overseas business to 20 percent in three years from five percent now, Joonho Hwang, chief financial officer of the Korean brokerage firm, told a news conference in Singapore.

The long/short hedge fund "Woori Absolute Partners" would likely start operations in July after an injection of $100 million from the parent.

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