Korea Investment & Securities Co. chief Jung Il-moon and Stifel Financial Corp. head Ronald Kruszewski shake hands at the joint venture agreement ceremony on Sept. 27, 2022, in this photo provided by the South Korean firm.
SEOUL, Sept. 28 (Korea Bizwire) — South Korean brokerage firm Korea Investment & Securities Co. has signed a deal to form a joint venture (JV) company with a U.S. financial company within this year, seeking to broaden its inroads into the American financial market, the brokerage’s holding company said Wednesday.
Korea Investment & Securities has bought a 75.1 percent stake in SF Credit Partners, a unit under U.S. investment banker and financier Stifel Financial Corp., for 215 billion won (US$149 million), Korea Investment Holdings Co. stated in a public disclosure.
The contract was signed Tuesday (U.S. time) at Stifel’s New York office.
Korea Investment & Securities will invest $150 million in the JV over the next five years, according to the Korean brokerage firm.
The two also signed an agreement for a strategic partnership to nurture new businesses, exchange manpower and develop new financial products.
Stifel Financial, established in 1890, has a brokerage, an asset manager and other financial companies under its wings. As of end-2021, Stifel Financial had $34 billion in assets under management.
(Yonhap)
