Samsung insurers commit $650 mn to Blackstone's alternative assets
In-Hyeok Lee
Sep 28, 2022 (Gmt+09:00)
Samsung Life Insurance headquarters in Seoul
South Korea’s Samsung Life Insurance Co. and Samsung Fire & Marine Insurance Co. have committed to a $650 million injection in some alternative assets of Blackstone Inc., a New York-based global investment giant.
It will mark the largest commitment made by a firm within Samsung Financial Networks, a partnership of Samsung's five financial units, said Samsung Group on Wednesday.
Samsung Financial Networks consists of Samsung Life Insurance, Samsung Fire & Marine Insurance, Samsung Card Co., Samsung Securities Co. and Samsung Asset Management Co. It was created in April to spur the synergy of the firms' investment capabilities.
Samsung Group’s two asset management units, Samsung Asset Management and Samsung SRA Asset Management Co. will manage the transaction of the $650 million investment.
The financial units of Samsung Group have been proactively acquiring shares of global asset owners and investment managers in recent years.
In April, Samsung Asset Management acquired a 20% equity stake in US exchange-traded fund sponsor Amplify Holding company LLC, becoming its second-largest shareholder. The value of the deal was not disclosed.