Woori Bank and Woori Asset Management, subsidiaries of South Korea’s Woori Financial Group, announced a strategic partnership with Nuveen, the asset management subsidiary of the Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA), on June 14. The memorandum of understanding (MOU) was signed to enhance their global investment strategies and product offerings.
Nuveen, a global asset management firm with $1.2 trillion (1,666 trillion won) in assets, serves 1,300 institutions and major pension funds across 32 countries. This partnership aims to leverage Nuveen’s extensive asset management experience to bolster Woori Bank’s investment banking (IB) capabilities and Woori Asset Management’s product lineup.
Woori Bank intends to enhance its competitiveness in IB by collaborating with Nuveen to identify global acquisition financing, infrastructure, and real estate loan investment opportunities. This move is expected to provide Woori Bank with a significant edge in the global market.
Simultaneously, Woori Asset Management plans to work closely with Nuveen to expand its range of products. This includes developing retirement pension-related products, retail funds that invest in global companies and real estate, and creating overseas investment fund of funds tailored for domestic institutions.
The strategic partnership is anticipated to open new avenues for Woori Financial Group in the global investment landscape, reinforcing its market position and offering diversified investment opportunities to its clients.
