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US asset management giant BlackRock Inc. is selling its 794 billion won (US$698.72 million) retail mutual fund business in South Korea to DGB Asset Management to concentrate on higher-yielding investments, including alternatives. According to the world’s largest asset manager, exiting the retail fund business will allow it “to better accommodate its yield-seeking Korean clients”. DGB Asset Management, which had around $35.5 billion as of December 2019, is the investment arm of Korean financial conglomerate DGB Financial Group. BlackRock did not disclose the sale price. “BlackRock will continue to serve Korean investors with diversified offshore active, index and alternatives investment solutions after the restructuring completes,” the company says in a statement on March 31.

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