SGAM teams up with Industrial Bank of Korea

SG Asset Management and Industrial Bank of Korea have signed an agreement to establish a 50/50 joint venture to manufacture investment products that IBK will distribute. SGAM is looking to acquire a local fund manager as well and consolidate it with the new JV, to give it heft. SGAM is close to signing a similar deal in India, says Alain Clot, the firm's Paris-based CEO. The IBK agreement follows the example SGAM set in China, where in 2002 it formed a JV with Bao Steel. IBK is Kore…