JP Morgan AM eyes $1 bln funds to invest in S.Korea

SEOUL, June 17 (Reuters) - JP Morgan Asset Management is looking to to raise $1 billion in funds which will likely invest in "green" businesses in South Korea such as renewable energy, the South Korean government said on Wednesday.

JP Morgan Asset Management, part of JP Morgan Chase (JPM.N), has signed a letter of intent with South Korea's economy ministry on raising the funds, the ministry said in a statement.

Under the initial plan JP Morgan Asset Management would raise 60-70 percent of the funds from Korean investors while the rest would come from international investors or the U.S. asset manager itself.

The ministry expected investment targets of the funds would mainly be Korean companies and projects in environment-friendly technologies and infrastructure, such as solar power, light emitting diodes and green cars.

JP Morgan Asset Management has $1.1 trillion in assets under management globally. (Reporting by Rhee So-eui; Editing by Jonathan Hopfner)