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SEI Investment Co. of Oaks Park, Pa. has joined with the International Finance Corp. and Tong Yang Securities of Seoul, Korea, to form an asset management group called SEI Asset Korea.

With SEI holding 50.1 percent of the total shares, SEI Asset Korea will be the first foreign, majority-owned investment company in Korea. International Finance and Tong Yang will divide the remaining shares equally between them. SEI Asset Korea plans to initially launch a closed-end Korean equity fund for institutions and high net-worth individuals.

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