Ignoring Buffett, Fabien Pictet Eyes North Korea Fund

Fabien Pictet & Partners Ltd., a British money manager that specializes in emerging markets, plans to establish a fund focused on joint ventures in North Korea.

Fabien Pictet has applied to North Korea's embassy in London for permission to visit Pyongyang to explore opportunities, Chief Executive Officer Richard Yarlott said in an interview. The closely held firm initially would buy into South Korean companies doing business in the north, he said.

``It would be very difficult to put more than $50 million directly into North Korea,'' said Yarlott, 47, who helps manage $750 million of bonds and equities. ``But it would be very easy to put $500 million into listed South Korean companies and then later, as we see specific private equity opportunities, go with them.'' He declined to give further details.

A North-South agreement on economic cooperation, signed Oct. 4, may foster cross-border projects in industries such as mining and shipbuilding. Still, that prospect isn't enough to lure billionaire investor Warren Buffett to a northern plunge.

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