Hyundai Motor Group, the parent of Hyundai Motor (KRX:005380) and Kia (KRX:000270), launched its fifth financial affiliate called Hyundai Alternative, The Korea Herald reported Friday.
The new asset manager received on Thursday a regulatory approval from the country's Financial Services Commission to operate as a private equity fund manager.
Hyundai Alternative, backed by Hyundai Card (51%) and Hyundai Commercial (49%), will target high-return sectors such as prime commercial real estate, non-performing loans, and private debt funds, the report said.
Shares of Hyundai Motor rose nearly 1% in recent trade on Monday.
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