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Ex-Daiwoo Securities hedge fund manager to run DGB Financial’s new Singapore unit

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South Korea’s DGB Financial Group has appointed Choi Youngwook, a former long-short hedge fund manager at Daewoo Securities’ now defunct Hong Kong subsidiary, as boss of its new asset management firm in Singapore, according to a report by Korea Economic Daily (KED).

Choi was also previously head of Midas Asset Management’s office in Singapore, which was closed down due to poor performance.

DGB’s new Singapore unit will be the group’s first overseas fund management office according to unnamed KED sources, with the firm currently in the process of obtaining a a registered fund management company (RFMG) license from the Monetary Authority of Singapore, which is expected to be granted later this year.

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