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Hanwha Asset Management establishes US unit

South Korea-based Hanwha Asset Management Co. Ltd. has set up a U.S. subsidiary based in New York City that will soon begin operations, Yonhap News Agency reported Oct. 11, citing investment industry sources.

Hanwha Asset Management (USA) Ltd. will invest in fixed-income assets from developed countries as well as alternative assets.

The South Korean asset manager acquired a U.S. subsidiary of parent Hanwha Life Insurance Co. Ltd. in February and obtained a license to be a registered investment adviser in July, Yonhap reported.

Hanwha Asset Management has two other overseas subsidiaries in China and Singapore.