Woori Investment & Securities Co, the South Korean financial services company, is partnering with Fullerton Fund Management to launch a new $30 million fund of hedge funds.

The move is part of Woori's hedge fund restructuring strategy, following the shutdown of its $60 million offshore hedge fund under Woori Absolute Partners, Woori Absolute Asia Multi-Strategy Fund, in 2009. Part of the funds generated after the business wound up will be used in the joint venture with Fullerton, the company said.

Fullerton is a subsidiary of Singapore-based Temasek Holdings and specialises in product and advisory services to investors looking for exposure to Asian markets.