Schroder Investment Management will go live with its first locally managed fund in Korea by September, having secured its final licence to establish a local investment subsidiary in Korea.

The UK-based asset management firm has had a presence in Korea since 1987 through its representative office, but its current investments in Korean equities of $2.1bn (€2.39bn) are managed from Hong Kong. It was granted preliminary approval six months ago to establish a subsidiary. Schroder has not yet finalised plans to move investment expertise to Korea.