Hanhwa Outsources Management Rights
Hanhwa Business Group announced on January 21 that, for the first time in Korean business history, it handed over the managing rights of Hanhwa Investment Trust to the U.S.-based Alliance Capital.Alliance Capital holds 20 percent of the shares in Hanhwa Investment Trust. Hanhwa Group and Alliance Capital signed a letter of intent, on this day.
A source at Hanhwa explained that Hanhwa made the decision because it wants to introduce advanced financing methods. This will be the first outsourcing of management in Korea.
Alliance Capital will hold managing rights for the next four years with an additional extension of three years for a seven-year management term.
In addition, the company's name will become 'Alliance Capital Management'. Alliance bought its stake in January 1998. Alliance Capital has 241 billion dollars in assets and is the largest investment trust company in the U.S.
with the Korea JoongAng Daily
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