United Overseas Bank partners with S. Korean firm

The tie-up aims to widen investment options in Asia of investors of both companies.

UOB Asset Management (UOBAM) has signed an agreement with HI Asset Management, an affiliate of South Korea's Hyundai Heavy Industries Group, the Singapore firm said in a statement on Sunday.

Under this agreement, each party will be able to tap the other's distribution networks and benefit from the other side's investment expertise, especially in managing Asia and South Korea-centric funds, UOBAM said in a report in The Straits Times.

This means the investors of each firm will be able to tap a wider range of investment solutions within Asia, it added.

HI Asset Management is one of South Korea's leading asset management companies, with US$8.1 billion (S$11.3 billion) of assets under management as at 17 November, according to the statement.