Seoul-based investment company Rhinos Asset Management said on June 4 that it had opened a wholly owned overseas subsidiary in Mongolia a day prior.
This marks the first time that a foreign entity has begun to operate an asset manager in Mongolia.
Rhinos Asset Management CEO Chun Myung-ho (third from left) along with representatives of Mongolian financial authorities and AND Systems, poses at an opening ceremony held at Ulaanbaatar Shangri-la Hotel on June 3.
The company was established in December last year and obtained a regulatory license in March, with capital of 526.9 million Mongolian tugrik ($196,100).
Rhinos Asset Management Mongolia during the opening ceremony announced a corporate debt fund of $11 million to invest in debt issued by Mongolian financial technology startup AND Systems. The startup raised $2.8 billion funding from Rhinos in November 2018. Rhinos created Mongolia’s first corporate debt fund in April.
Rhinos said in a statement that the new Mongolian unit aims to lay the groundwork for deal-sourcing capabilities in Mongolia, Russia and Central Asia.
Since 2017, Rhinos has sold Mongolian high-yield products such as funds investing in US dollar-denominated certificate of deposits issued by the Trade and Development Bank of Mongolia, as well as short-term bond funds and exchangeable bond funds.
Chief Executive Chun Myung-ho currently heads Rhinos Asset Management. Founded in 2014, the company has 7.1 billion won ($6 million) in capital as of end-March and invested in global mezzanine equities and derivatives with some 400 billion won in assets under management.
By Son Ji-hyoung (email@example.com)