FSC signs MOU with Korea

The Financial Services Council (FSC) has signed memoranda of understanding with Korea to facilitate financial services trade and investment between Australia and Korea. 

The MOU comes after the FSC hosted a delegation of Australian financial services industry CEOs in Seoul last week, including representatives from the FSC, Colonial First State, Russell, Tyndall, Morningstar, Legg mason, Vanguard, BT and K&L Gates. 

The FSC signed the MOU with the Korean Financial Investment Association and the Seoul Metropolitan Government. 

“As our fourth largest trading partner, Korea has a significant relationship with Australia,” CEO of the FSC John Brogden said. 

“The signing of the Memorandum of Understanding with Seoul Metropolitan Government and the renewal of the FSC’s MOU with KOFIA are important steps in deepening relationships between the two countries’ financial services sectors,” CEO of the FSC John Brogden said. 

In a keynote to the delegation Brogden welcomed the idea of Korea establishing an investment office in Australia. 

“The Korean Government has established investment offices in the United States and the UK. These offices act to reduce the gap in information available to Korean investors directly through the two government-operated funds.” 

He said the offices would provide direct relationships between the two Korean government-operated funds and Australian fund managers, and would enable deeper currency hedging services and access to equities, bonds and other assets.