April 20, 2024

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[THE INVESTOR] Samsung Asset Management said on Friday the company will start its operations in the Seocho Samsung Town starting Monday, marking the beginning of the realignment of the group’s financial units.

According to the asset management subsidiary, it will complete the move-in of around 300 employees over the weekend and begin operations in the building that was previously occupied by Samsung Electronics. 

The company operated in Yeouido for 13 years and in the Taepyeongro building for five years. During its five years in Seoul the company thrived with the total amount of assets under management surpassing 200 trillion won, making it the No.1 asset management firm in the country.

“This relocation will carry significance as we plan on launching two subsidiaries specializing in active fund and hedge fund each unit next year, if approved,” said a company spokesman. “This move is for better expertise in the two fund businesses and efficiency.”

Samsung Life Insurance started operating there on Aug. 15, relocating as many as 1,500 employees to the building.

The life insurer sold its 32-year-long headquarters in Taepyeongro, central Seoul, to Booyoung Group in January.

Four out of five financial units of Samsung Group, except for the credit card subsidiary, are nesting in Seocho, part of the group’s massive restructuring aimed at outlining a new group structure of Samsung with heir apparent Lee Jae-yong at the helm.

Samsung Fire & Marine Insurance will also join the move at the end of the year. The insurer is currently selling its headquarters building in Euljiro, central Seoul. Booyoung has again been selected as a preferred bidder.

By Song Su-hyun/The Korea Herald  (song@heralcorp.com)