UPDATE 1-S.Korea c.bank to provide $3bln boost to KIC
SEOUL Dec 14 (Reuters) - The Bank of Korea will bolster the warchest of the country's sovereign wealth fund to the tune of $3 billion, the central bank said on Tuesday.
Korea Investment Corp is charged with managing some of the country's foreign exchange reserves and invests entirely outside South Korea, controlling $17 billion of the Bank of Korea's foreign currency reserves which totalled $290 billion at end-November.
"The Bank of Korea will sign a trust management agreement with the Korea Investment Corp as early as possible," it said in a note.
KIC was set up in 2005 to enhance sovereign wealth and help managing assets entrusted by the government and the Bank of Korea and managed $35 billion as of late August.
The wealth fund agreed in June to invest $200 million in U.S. natural gas producer Chesapeake Energy Co (CHK.N) along with China Investment Corp (CIC) and Singapore state investor Temasek Holdings [TEM.UL] as it sought to diversify its portfolio. (Reporting by Kim Yeonhee; Editing by David Chance)
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