Shareholders of The Korea Fund are being asked in a proxy statement to approve a joint venture between Scudder Kemper Investments of Boston and Daewoo Capital Management of Seoul, South Korea that would create Scudder Investments Korea, a new investment adviser to the fund, Scudder has announced.

The deal would mean the replacement of Daewoo Capital Management as the fund's adviser and would require Scudder to acquire certain assets currently held by Daewoo for an undisclosed amount. The deal is expected to take place by the middle of the year, according to Scudder.

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