The fund industry in South Korea will consolidate over the next two to three years, said Evan Hale, a managing director at Fidelity Investments who oversees the firm’s business in that nation as well as Hong Kong, Singapore and China, Reuters reports.

Today, there are more than 50 fund managers in South Korea overseeing $270 billion in assets, but that will shrink, Hale maintained.

“At this point in time, there is a bit of mishmash, and there is still development in the asset management market,” Hale said. “I do believe more consolidation will result, with more global competitors coming on board in the next two to three years. In the long term, the number will come down.”

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