Woori Asset Management, part of Seoul-based Woori Financial Group, has appointed boutique asset managers from BNY Mellon Asset Management to run a suite of its investment funds.

BNY Mellon, whose South Korean services network includes wealth management and asset servicing, said in a statement that the mandate carries a $388 million value. The mandate will be divided among its investment boutiques, including Mellon Capital Management, Blackfriars Asset Management, and WestLB Mellon Asset Management - all headquartered in Europe.

Woori Asset Management is one of the largest asset managers in South Korea, with around KRW15 trillion ($10.1 billion) under its wing.

"Korea is a key market for BNY Mellon and our business is growing significantly in the region. This appointment reflects our strength in depth and ability to match client needs with investment solutions,” said David Jiang, BNY Mellon AM Asia Pacific chief executive.

The move comes just a few weeks after Woori Financial announced that its net income had dramatically returned to black in the first quarter of 2009.

BNY Mellon currently has two offices in Seoul and over 50 institutional and private clients in the country alone.