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SEOUL (Reuters) - Shares of Hyundai Motor Co <005380.KS> gained 4.6 percent after a unit of U.S. activist hedge fund Elliott Management said the company needed to do more to improve governance, while welcoming the auto maker's decision to streamline its structure.

Hyundai Mobis, Hyundai's parts making affiliate, had jumped more than 5 percent as of 0014 GMT, versus the wider market's <.KS11> 0.1 percent fall.

(Reporting by Dahee Kim and Ju-min Park; Editing by Stephen Coates)