Bloomberg is doubling the size of its Korean operation because the government is easing financial regulations on the hedge funds market.
This was announced by Bloomberg CEO Daniel Doctoroff.
He added that Korea’s hedge fund industry is in its infancy and that makes it attractive to investors, he said.
“In Korea there is a sense of stability and predictability as well as an inevitability to the intermediate and longer-term growth of this market that encourages people to invest here,” Doctoroff said. “And Bloomberg is a natural beneficiary of that investment.” said Doctoroff.
"In Korea, we have to recognize that the industry is a very new one. We have 18 hedge funds today that have $500 or $600 million in assets under management. Rules are new and people are still trying to understand. In a world of low interest rates, people in Korea, people around the world, are looking harder for places to put their money where they can earn greater yields than otherwise available. Our role is to provide our clients with the tools and information to be able to operate as effectively and efficiently as possible," said Doctoroff.
He announced that Bloomberg is opening a new office in Seoul, where he feels the company has the capacity to double in size.
"We think opportunity for this market are quite significant. It doesn’t mean it will be smooth, straight line, upward fashion but it has all the dynamics of markets that we want to invest in and grow in. This is an important market for us and one we expect will grow at a faster average than the rest of the world," says Doctroff.
"f you look at Bloomberg as a reflection of how different markets are doing, there is a sense of stability and predictability as well as inevitability to the intermediate and longer-term growth of the Korean market that encourages people to invest here," he added.
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