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Sovereign Wealth Funds Briefing - Categorized | Investment

Bank of America: Korean sovereign fund considers bigger investment

Posted on 26 September 2011

A South Korean sovereign wealth fund is considering increasing its stake in Bank of America (BAC), the Wall Street Journal reported today. The fund, which now owns about 69 million shares, or 0.67% of the bank’s stock, considers the stock undervalued and will meet with advisers on Wednesday to broach the idea of upping its stake.
The Korea Investment Corp. has already reinvested $78 million of the $145 million worth of Bank of America dividends it earned this year. But because the fund’s previous investments in the U.S. haven’t gone well, the decision could face political pressure……………………………………….Full Article: Source

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