FSC builds ties with Korea
The Financial Services Council (FSC) has signed memoranda of understanding (MOU) with Korea to foster financial services trade and investment between Australia and Korea.
The FSC signed the MOU with the Korean Financial Investment Association and the Seoul Metropolitan Government.
CEO of the FSC John Brogden said as the fourth largest trading partner, Korea is significant for Australia.
"The signing of the Memorandum of Understanding with Seoul Metropolitan Government and the renewal of the FSC's MOU with KOFIA are important steps in deepening relationships between the two countries' financial services sectors," CEO of the FSC John Brogden said.
"We have also undertaken to work together to increase investments in our respective markets and to facilitate mutual market recognition for the financial institutions we represent."
The MOU comes after the FSC hosted a delegation of Australian financial services industry CEOs in Seoul last week, including representatives from the FSC, Colonial First State, Russell, Tyndall, Morningstar, Legg mason, Vanguard, BT and K&L Gates.
In a keynote speech, Brogden welcomed a chance for Korea to establish an investment office in Australia.
He said the offices would provide direct relationships between the two Korean government-operated funds and Australian fund managers in an effort to develop deeper currency hedging services and access to equities, bonds and other assets.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
