Deutsche Asset Management has hired Shin Yong-il as CEO of its wholly owned Korean investment trust management company, the culmination of an extensive search of local and international candidates following the departure late last year of Lee Won-ik.

The local ITMC fell into DeAM's lap last year when Deutsche Bank acquired Zurich Scudder Investments. Scudder had the oldest presence of any foreign fund management company in Korea, primarily managing Korean funds for US institutional investors. Lee had run Scudder's Korean operations for a few years since leaving what is now Templeton's wholly owned ITMC; his present whereabouts could not be determined, but it seems he did not fit into the mould Deutsche is forging.

Shin is touted by DeAM executives as the "next-generation leader" with the mandate of making Deutsche ITMC the top foreign fund manager in Korea within three years. Korea born and American-educated, Shin arrives from Citibank, where he had headed up business development for its consumer group. No doubt that connection will serve DeAM well when it comes to distributing its funds in Korea.

Prior to that experience, Shin served for 18 years in various senior management and executive positions at Korean chaebol LG in London and Seoul.

In the meantime, DeAM reports rapid growth now that it has received its ITMC license - only the third foreigner, after Templeton and Schroders, to do so. It now has approximately $2.1 billion under management and advice, mainly from retail sourced via distribution partners such as Woori Bank. Shin takes the reins from Nam Chang-geun, representative director for investment, who has led the Korean team in the interim, and will continue to work with Shin.