KYC: a korean sovereign fund
KYC is an acronym for the Korean Investment Corporation. It's a global investment company (founded in 2005) owned by the government of South Korea, specializing in foreign investment, particularly in the management of government reserves in foreign currency (mainly U.S. dollars). In 2008 KYC invested $ 2 billion in Merrill Lynch, a negative decision because of the financial crisis. Now the Korean sovereign fund is trying it again with the Bank of America (the buyer at the time of Merrill Lynch) with 78 million U.S. dollars in the bank's shares purchased. Part of this money come from the $ 145 million that the KYC has just received as a dividend from the Bank of America itself.