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Number of 'offshore funds' top 1,000 mark

All Headlines 08:58 July 06, 2018

SEOUL, July 6 (Yonhap) -- The number of foreign-managed overseas investment funds registered with South Korea has topped the 1,000 mark as more local investors set their sights on markets abroad in search of higher returns, the financial regulator said Friday.

A total of 1,040 "offshore" funds were registered with the Financial Supervisory Service (FSS) as of the end of April, up from 969 last year and an all-time high.

The number has been on a steady increase since the financial regulator started to unveil related data in 2011. Such offshore funds numbered a mere 92 in June 2011, but the figure has continued to rise, reaching 732 at the end of 2016.

Foreign asset management companies operate those funds, which invest in overseas securities and real estate, and are set up mostly in overseas tax havens, including the Cayman Islands, an autonomous British territory in the western Caribbean Sea.

The FSS attributed the jump in the number of foreign-managed offshore funds to domestic investors' growing appetite for overseas investment vehicles and the allure of lower taxes.

The largest number of 395 offshore funds was set up on the Cayman Islands as of end-April, followed by the U.S. state of Delaware with 250 and Luxembourg with 160.

Number of 'offshore funds' top 1,000 mark - 1


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