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With the new money infusion from the Ministry of Strategy and Finance, Korea Investment Corp. (KIC) now has a total of US$27.8 billion under its management, Chin Young-wook told reporters. KIC is slated to receive an additional US$2 billion in the second half of this year. KIC, which also manages part of the nation's foreign exchange reserves, plans to diversify its investment portfolio in order to bolster returns, Chin said. "KIC plans to tap alternative investments on top of stocks and bonds to counter fluctuations in the global financial market and to secure consistent and long-term returns," he said. New investment targets will include overseas properties, hedge funds and commodities, with US$1 billion out of the newly injected money earmarked for such alternative investment, Chin said. Last week, KIC signed a preliminary deal with the Kuwait Investment Authority, Kuwait's sovereign wealth fund, to seek increased mutual investment. It also reached similar agreements with Australia and Malaysia in June in a bid to invite more foreign capital into the local market. (Yonhap)maz For full details for SOVW click here.
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