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Sovereign Wealth Funds Briefing - Categorized | Investment, Performance

Korea SWF backs Merrill’s Thain after loss

Posted on 09 December 2008

From Bloomberg: Korea Investment Corp. said it still has faith in Merrill Lynch & Co. Chief Executive Officer John Thain after a stock rout that cut the value of its stake by $800 million and forced the firm’s sale to Bank of America Corp.

“He was willing to change the company and Merrill needed a change,” Guan Ong, the $30 billion sovereign fund’s chief investment officer, said yesterday in an interview in Seoul. “We made the right decision because we believe in John Thain.” ….. Full Article: Source


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