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Fund of Funds Manager and Duty of Care
작성자 최고관리자
작성일 12-10-31 10:41
첨부파일   Newsletter No 8_reviewed.pdf (149.9K) [32] DATE : 2012-10-31 10:41:44
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Seoul High Court (“SHC”) recently rendered a decision on the scope of duty of care relating to the management of the fund of funds. In its decision 2010NA104272 dated Jun. 8, 2012 (Green Cross Case), SHC rejected the damage claim by Green Cross Life Insurance Company against two asset management companies who privately placed the funds of funds to Green Cross. Their assets include overseas hedge funds, which were found nil after the Madoff incident. SHC carefully reviewed the duty of care to be met at the time when the fund managers selected foreign hedge funds as part of the fund of funds and in the process of supervision of the foreign hedge funds.  Considering the fact that asset managers privately placed the funds to a qualified investor, SHC’s review was rather unusually meticulous. SHC’s conclusion must have been persuasive as the plaintiff failed to file an appeal with the Korean Supreme Court (“KSC”).