Shinhan Asset Management said on Feb. 25 it completed the "Science and Technology Innovation Fund No. 1 formation ceremony and IR event" held on Feb. 24 at TP Tower in Yeouido, Seoul, hosted by the Ministry of Science and ICT.

The event was attended by Vice Prime Minister and Minister of Science and ICT Bae Kyung-hoon (배경훈), Jang Min-young (장민영), head of IBK Industrial Bank of Korea, Jeong Sang-hyuk (정상혁), head of Shinhan Bank, Jeong Jin-wan (정진완), head of Woori Bank, and Lee Seok-won (이석원), CEO of Shinhan Asset Management. Other key officials also attended, including heads of the designated banks and CEOs of parent-fund and sub-fund managers. They congratulated the successful formation of the fund and shared plans for managing it.

The Science and Technology Innovation Fund is a science and technology-focused fund that aims to raise about 1 trillion won led by private capital without direct government investment. It is designed to focus investments on 12 national strategic technology areas and companies engaged in technology commercialization.

Shinhan Bank, IBK Industrial Bank of Korea and Woori Bank, designated banks that manage national R&D funds, will create a 494.0 billion won parent fund over 4 years. Shinhan Asset Management will oversee management of the parent fund.

As a result of the call for sub-fund managers conducted through the end of last year, sub-funds totaling 763.2 billion won across 5 priority areas were successfully formed.