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SK Securities to set up private equity unit

South Korea's SK Securities Co. Ltd. will spin off its private equity business division and set up a new unit named SKS Private Equity, Yonhap News Agency reported Oct. 1.

The unit will hold 2.4 trillion won of assets under management, the report said, citing SK Securities.

Yoo Si-hwa, a former SK Securities executive director, will head SKS Private Equity as CEO.

As of Oct. 1, US$1 was equivalent to 1,202.37 South Korean won.