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Sovereign Wealth Funds Briefing - Categorized | Ethical/Green Investments, Investment

SWF Apologizes to Citizens for Merrill Lynch Investment

Posted on 26 November 2014

The head of South Korea’s $77 billion sovereign wealth fund has apologized to the country’s citizens for its disastrous $2 billion investment in Merrill Lynch, made shortly before the corporation merged with Bank of America.
“I believe that it was a poor investment and apologize to the people of Korea,” Hongchul Ahn, CEO of the Korea Investment Corporation (KIC), told reporters in a news conference Monday. “I promise that Korea Investment Corporation will remember the painful lesson from the Merrill Lynch investment and become a global sovereign wealth fund.”……………………………….Full Article: Source


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