UBS and Morgan Stanley have both announced new deals in South Korea, following on from the earlier move this week for Goldman Sachs to buy an investment management subsidiary of Australia's Macquarie Bank. UBS Global Asset Management has announced that it plans to enter into a stock purchase agreement with Daehan Investment & Securities Company (DI&S) to acquire 51 per cent of Daehan Investment Management Trust Company (DITM), Korea’s largest asset management company. Under the joint venture, DITM will be known as UBS Hana Asset Management Company Ltd (UBS Hana Asset Management ) internationally and as Hana UBS Asset Management in Korea. The transaction has not yet been signed however. The two parties first signed last year, for a reported 150 billion won, but the sale was delayed due to penalties from US regulators over foreign currency dealings in Cuba. Morgan Stanley, meanwhile, has said it is in talks with foreign groups,including Holland's ING, to sell its South Korean asset management firm for $216 million. Morgan Stanley also said its private equity fund LM Investment Management Holdings would auction its 87.6 per cent stake in another Korean asset manager, Landmark Investment Management. The stake, purchased for 44 billion won in 2002, is expected to fetch as much as 200 billion won.