Samsung Asset Management, Korea, the largest asset manager in Korea, today signed a Memorandum of Understanding with (MOU) for strategic alliance with Reliance Capital Asset Management, a part of Anil-Ambani led Reliance Capital and one of the India's largest asset managers.

Samsung Asset Management, the asset management arm of Korean-chaebol Samsung Group, is the largest asset management firm in Korea managing Assets of over USD 165.8 billion (as of February 2015).

As part of the MOU, both Samsung Asset Management, and Reliance Capital Asset Management will use their expertise to explore areas for developing, managing, marketing and distributing each other's investment products in India and Korea.

Both companies will seek to develop and explore business opportunities in active and passive strategies, leveraging upon their specific investment and distribution reach, in India and Korea.

Comment from Reliance Capital Asset Management, said, ''We are delighted to begin our business relationship with Samsung Asset Management, the leader in asset management space in Korea. We are confident that this relationship between two leading asset management companies will provide both Korean and Indian investors, seeking exposure in global equities, with enhanced investment opportunities and significant diversification benefits.''

Shares of the company gained Rs 2.15, or 0.51%, to trade at Rs 425. The total volume of shares traded was 155,301 at the BSE (10.46 a.m., Friday).