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.