Macquarie-IMM joint venture Named Most Improved Institutional Funds Manager in Korea

27 February 2004

Hong Kong, 27th February 2004 – The ability of an Australian funds manager to work closely and consultatively with its Asian joint venture partner was recognised today when Asia Asset Management Magazine named Macquarie-IMM Investment Management Co. Ltd (Macquarie-IMM) as the most improved institutional funds manager in Korea.

Head of Macquarie Funds Management Ben Bruck said the award was based on assets raised in 2003  compared with the previous year.

In the 12 months to October 2003, Macquarie-IMM’s funds under management increased by 100% from KRW 1.4 trillion to KRW 2.8 trillion - an outstanding performance, particularly compared to market performance in Korea during the same period.

Mr Bruck said the success of the Macquarie-IMM venture was due to the unique style of partnership created between Macquarie and IMM & Co.

Established as a joint venture between Macquarie Investment Management Limited (65%) and Korean investment advisory company IMM Asset Management Co. Ltd (35%) in February 2000, the partnership has combined the global expertise of Macquarie with the local knowledge of IMM, and together has used these to develop investment and risk management processes that are tailored for the Korean market.

Now in its fifth year, Macquarie-IMM continues to place a priority on investing in its people and systems to create world’s best practice in funds management.

To enable this ongoing focus on the needs of its clients, Macquarie-IMM is committed to streamlined decision making and administrative processes, with staff empowered to make many of the everyday business and investment decisions.

Macquarie-IMM operates solely within the Korean market, providing portfolio funds management services, including management of discretionary accounts and pooled funds, for both institutional and retail investors. Currently, Macquarie-IMM provides investments into equities, fixed interest, diversified and market neutral portfolios.

Mr Bruck said the Asia Asset Management Awards were very prestigious and Macquarie was honoured to have been named as one of the 2003 winners.

“From its start-up in 2000, Macquarie–IMM achieved break-even in less than 24 months, and just 15 months after launching its first public fund,” Mr Bruck said.

Macquarie-IMM was named Best Fixed Interest Manager for 2002 by Korean Funds Research and its flagship equity fund outperformed its benchmark by over 12%* since inception (8 April 2002).

Macquarie-IMM's products are now distributed by the top three Korean securities firms.

* This performance is post fees, assuming reinvestment of income.

Irene O'Brien
Public Relations
Macquarie Financial Services Group
Macquarie Funds Management Group
Tel: (612) 8232 3241
Mobile: (61) 417 260 309