Korea Investment affiliates pursue spinoff merger

Korea Investment Management and Korea Investment Value Asset Management are pursuing a spinoff merger.

The two companies said in regulatory filings Thursday that their boards had separately approved a merger agreement.

Under the agreement, Korea Investment Management will spin off its securities fund and money market fund businesses and merge them into Korea Investment Value Asset Management.

The companies plan to hold an extraordinary general meeting on Sept. 11 to approve the spinoff merger.

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