Samsung Life agrees first foreign AM alliance

In its first strategic asset management alliance with a foreign firm, the biggest Korean life insurer has joined forces with $381 billion firm New York Life Investments, a move both see as offering significant international potential. As a first initiative, Samsung Life and the US firm are developing the Samsung-US Dynamic Asset Allocation Fund, a $500 million joint strategy that is expected to hit markets at the end of September. The fund – planned since mid-2013 – is a hybrid …