JP Morgan Asset Management has launched into the $270 billion South Korean asset management market, aiming at $500 million assets under management within two years. Clive Brown, chief executive of JP Morgan's international asset management business, said: "We firmly believe that the Korean market holds tremendous growth potential and we are looking forward to participating actively in that growth. We forecast the South Korea's asset management market to grow by a low double-digit rate in five to ten years”. He also said that JPMAM has no plans to acquire or merge with an existing Korean asset manager, being focused on organic growth. JPMAM, which manages over $1 trillion of assets worldwide, will bring three funds to market in July 2007: Korea Equity Fund that will invest in about 30 large-capitalised Korean stocks, Asia Consumer/Infra Fund focusing on 50 stocks outside Japan and South Korea and a Middle East & Africa Fund.