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Goldman Sachs Group Inc To Shut Asset Management Unit In Korea-DJ

Tuesday, 13 Nov 2012 05:21am EST 

Dow Jones reported that Goldman Sachs Group Inc plans to close its South Korean asset management unit, five years after moving into the market dominated by domestic companies. Goldman Sachs in Hong Kong said that some of the 40 employees at the Korean unit will be relocated to Singapore, and others will be offered positions in other parts of the Wall Street bank's Korean business. The bank will continue to sell funds to Korean investors, but its asset management business won't have an onshore presence in Korea. 

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