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Seoul Gov't to Raise 1 Trillion Won to Support Future Growth Engines
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The Seoul Metropolitan Government said Thursday it plans to start an investment fund worth 1 trillion won (US$886 million) to support the city's new growth engines.

The fund the city government plans to create will be in the form of a fund of funds (FoFs), a mutual fund that invests in other investment funds rather than directly investing in individual securities.

With an aim to promote eight key next-generation industries, the municipal government began receiving applications to recruit a contractor who will conduct a feasibility study on the plan along with finding ways to create and manage the new mutual fund, the city said. The application period ends on March 5.

If launched, it would mark the first time the city has established an FOF, according to the city.

The core businesses expected to serve as the city's future growth engines include financial services, knowledge-based industries, smart technology-based businesses, and creative fields such as fashion and design, according to the city.

"The FoF is expected to increase diversity so as to lower volatility and create stable profits," a city official said. "Along with the plan to launch the new fund, we will explore ways to promote private sector investment in venture capital funds, which will be used to support more industries that have not been covered by city budgets."

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Source: Yonhap News (Feb. 23, 2012)

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