Hana Financial Investment Co., a unit of South Korea’s Hana Financial Group, took over the controlling stake in the asset management joint venture with UBS AG to wholly-own UBS Hana Asset Management Co.

Swiss global financial services company UBS AG on Friday said it was handing over its 51 percent stake in UBS Hana Asset to Hana Financial Investment.

UBS did not seek to renew the 10-year buyout option. Once fully payment is made and the change of shareholder is reported to the financial authority, Hana Asset will lose UBS in its name and go under full ownership of the Korean financial group.

The company formerly used to be Daehan Investment Trust.

By Park Yun-gu

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