Millennium Management LLC, a major U.S. hedge fund with over $77 billion in assets under management, is set to invest approximately 350 billion won ($251.9 million) in South Korean equities for the first time, according to local industry sources. The investment will be managed through a separately managed account (SMA) by Seoul-based Billionfold Asset Management Inc., marking the first time Millennium has entrusted capital to a domestic Korean firm for investments in listed companies. This move signals growing confidence in Korea’s financial market and is seen as a positive sign for further foreign inflows. Millennium has reportedly held discussions with South Korean financial regulators to ensure regulatory compliance. Industry experts welcomed the decision, citing it as a significant milestone for Korea's asset management sector.
Billionfold, which manages around 250 billion won in assets, earned Millennium’s trust through its consistently strong performance. The firm posted a 1% return in 2023 when the Kospi dropped 9.6%, and a 5% gain in 2022 despite a 24.9% fall in the index, maintaining an average annual return of 15% over the past five years. This investment also comes amid rising concerns over South Korea’s recent tax overhaul, which some analysts fear could deter foreign investment. However, optimism remains strong, as foreign investors have bought a net 9.8 trillion won in Korean equities since President Lee Jae-myung took office in June, driving an 18.5% rally in the Kospi. Millennium’s move is expected to further boost confidence in Korea’s stock market and its asset management industry.
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