A spokesman of the Hong Kong-based company said Tuesday that their expectations for the Korean asset management business have not been met and close their business in non-specific time schedule. South Korea's asset management business has been very competitive and known to have high expenses and very thin profits.
Goldman' unit has been operating about $4 billion in assets and has about 40 staff. The company added it will absorb the staffs as possible as they can.
However, the company will continue to invest in the country through its offshore funds management unit, the spokesman added.
Goldman has moved into the South Korean market by acquiring a joint venture between Macquarie Group and local company IMM Investment Management.
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