| South Korea’s sovereign wealth fund has asked Elliott Management Corp. to refrain from investing in Korean-based businesses after the activist hedge fund firm lost a high-profile proxy fight last month aimed at blocking a merger of businesses partly owned by the Samsung conglomerate’s controlling Lee family, said a person with direct knowledge of the matter.
The request was made in accordance with the Korean law that allows Korea Investment Corp. to invest in non-Korean businesses only, the person said. The 2005 law, the Korea Investment Corporation Act, mandated creation of the sovereign fund to invest in overseas assets. The fund’s assets now are worth more than $85 billion...............................................Full Article: Source
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