Korea Investment Holdings Co., Ltd. (“KIH”) and Atlas Capital Management, LLC announced today the establishment of K-Atlas Advisors PTE, Ltd., a Singapore-based manager of alternative investment funds, and the launch of K-Atlas Fund, a Singapore-domiciled alternative investment fund targeting hedge fund and private equity investments. The K-Atlas Fund will be funded initially with US$100 million. Subsequent rounds of capitalization are planned once the initial $100 million is invested.
K-Atlas joint venture partners are KIH, a leading Asian financial group and Atlas, a leading emerging market alternative investment manager. K-Atlas intends to create, manage and bring attractive and differentiated international private equity and hedge fund products to Korean institutional and high net worth investors.
“K-Atlas is an important strategic initiative for both firms,” said Deputy Chief Executive Officer of KIH Joowon Kim. “When we founded KIH five years ago, we made ambitious promises to lead the Korean asset management market, to develop new revenue and business models, and to compete with mega-banks and global investment houses in places where we could develop competitive advantages. K-Atlas is another step on our path to fulfilling these promises.”
Atlas Co-Founder and Co-Manager of the Discovery Atlas Fund David Chon adds, “The principals of Atlas and the senior management of KIH have known one another for years and have great respect and admiration for the complementary skills each party brings to the table. We are very honored to work together with KIH on this important venture.”
The timing of K-Atlas coincides with impending CMCA regulatory changes in February 2009, which are expected to alter the investment landscape in Korea. “As part of a comprehensive strategic initiative synchronized with CMCA, K-Atlas will play a pivotal role in developing and marketing proprietary and exclusive products and services to KIH’s institutional and retail client bases,” according to Chris Lee, newly appointed chief executive officer of K-Atlas Advisors and the head of corporate strategy at KIH.
K-Atlas product offerings will be differentiated, target high risk-adjusted returns and will be unique to the Korean marketplace. “Specific product offerings planned for the future include private equity in Latin America, a global value fund, hedge fund investments in EMEA, opportunities in real estate and an endowment product,” according to Chief Investment Officer of K-Atlas and Co-Founder of Atlas Harry Krensky. “Our pipeline is full and we have aggressive growth plans.”
“We will consider K-Atlas successful five years from now if there are KRW 5 trillion (approximately US$5.3 BN) of assets in K-Atlas platform related funds,” says K-Atlas Business Development Head and Head of International Sales at KIH’s investment banking subsidiary KIS Simon Mun.
“Over the past two decades, Atlas’ principals have developed an extensive global network and a well-tested and evolved investment platform,” adds Atlas Co-Founder and Discovery Atlas Fund Co-Manager Rogerio Chequer. “We think this will be important to the success of K-Atlas.”
Chris Lee (from KIH) and Simon Mun (from KIS) and Harry Krensky and David Chon (both from Atlas) will serve on the board of directors of K-Atlas and K-Atlas Advisors. BG Kim, formerly a senior manager in KIS’ proprietary trading and derivatives division, will head K-Atlas’ Singapore office, which will also serve as the firm’s worldwide headquarters.
About Korea Investment Holdings
Korea Investment Holdings is a leading financial group in Asia. It is a financial holding company based in Korea with subsidiaries that specialize in a comprehensive range of investment banking operations including securities brokerage, corporate financing and asset management. This focus sets KIH apart from the other major Korean financial groups that are based on banking services. KIH is solidifying its position as the leading asset management firm and investment bank in Korea. KIH and its subsidiaries are also developing a Pan Asian and global footprint and capabilities, with overseas presence/offices in Hong Kong, Tokyo, Ho Chi Minh City, New York, London and Singapore (pending).
About Atlas Capital Management
Atlas Capital Management, LLC (and its affiliates) is an international and emerging markets investment firm. Atlas Capital was founded by Rogerio Chequer, David Chon and Harry Krensky. The firm is headquartered outside of New York City in White Plains, NY. The firm has international offices in Mexico and Singapore (pending). Since its founding, the firm has offered total return strategies to sophisticated institutional and high net worth and clients. Atlas also manages global and emerging market multi-asset class hedge funds and emerging markets private equity funds