US based investment banking and securities firm Goldman Sachs Group is considering to shut down its South Korean asset management unit in the nextsix months.
A London-based spokesman for Goldman Sachs Asset Management Niklas Ekholm said in a statement, "Our expectations for the local Korean asset management business have not been met."
The bank, which launched its asset management business five years ago, said that severe competition and dominance of local companies have reduced theprofit margins in the country.
Approximately 40 members currently employed at the Korean unit may be absorbed in other divisions of the firm, according to the company's Hong Kong-based spokesman.
The bank will continue offering funds to Korean investors.
The Korean asset management unit has nearly$4bn under management, most of which are from institutional investors.
