The Korea Financial Investment Association has signed a memorandum of understanding (MOU) with the Investment Trusts Association, Japan to expand exchanges and cooperation between the South Korean and Japanese asset management industries.

KOFIA said on Oct. 8 it signed the MOU with IMAJ in Toronto on Oct. 7 (local time) during the 39th annual general meeting of the International Investment Funds Association (IIFA) to develop the asset management industries of both countries and strengthen cooperation.

The two organisations will pursue staff exchanges, share information on the two countries' asset management markets and related systems, and hold joint seminars and workshops. They will also continue exchange schedules between the two countries following the MOU signing.

KOFIA will send a speaker to the "IMAJ Founding Conference" to be held in Tokyo later this month. The event is expected to present structural changes and the growth process of South Korea's asset management market, and the industry's response to expand long-term asset building.

Next month, Yoshio Hishida (요시오 히시다) , chair of the Investment Trusts Association, Japan, will visit South Korea.

Hishida will attend the 11th International Financial Cooperation Forum in Seoul hosted by the Overseas Financial Cooperation Council. During his visit, he is expected to meet KOFIA member firms and share recent trends and policy changes in Japan's asset management market.

The two sides will also discuss future cooperation measures based on changes in business environments and systems in the two countries' asset management industries.

Hwang Sung-yup (황성엽), chair of KOFIA, said he hopes the agreement will lead to tangible results of cooperation between the two organisations. He added he will play an active role so the asset management industries of both countries can grow together.