Economics

Luxembourg strengthens ties with Seoul's financial hub

Luxembourg for Finance has signed an agreement with South Korean authorities to develop exchanges in the area of financial services.

31.10.2017

Luxembourg is further developing exchanges in the area of financial services with South Korea.

Luxembourg for Finance (LFF) -- the agency for the development of Luxembourg's financial centre -- has entered a partnership agreement with Seoul's metropolitan government and Financial Hub Korea, it was announced on Tuesday.

LFF CEO Nicholas Mackel said in a statement that the deal was designed to promote Seoul's role as a leading Asian financial centre, as well as Luxembourg's role as a platform for Korean fund managers in Europe.

The Grand-Duchy has built strong business relations with South Korea. Luxembourg domiciled funds represent 92% of foreign funds admitted for distribution in the country.

Also, major South Korean fund managers such as Mirae, Korea Investment Management and KN Asset Management have chosen Luxembourg to set up funds.

The agreement is part of a network of partnerships that LFF has signed with other major global financial hubs, such as Toronto, Shanghai, Dubai and Moscow among others.

(Roxana Mironescu, roxana.mironescu@wort.lu, +352 4993 748)