Asset management firms' net profits widen in Q2

SEOUL, Sept. 8 (Yonhap) -- The combined net profits of asset management companies in South Korea jumped nearly 20 percent on-quarter during the April-June period this year on increased commission revenues, government data showed Thursday.

The number of asset managers operating here rose to 138 in the second quarter from 115 in the previous quarter, according to the Financial Supervisory Service (FSS).

They were managing 871 trillion won (US$799 billion) of assets as of end-June, up 3 percent from 846 trillion won three months earlier.

The aggregate net profits of the firms came to 160.7 billion won during the three months ending June 30, an 18.8 percent rise from 135.3 billion won in the first quarter.

The growth came largely from increased commissions from more funds under management and the disposal of some investment-purpose real estate, the FSS said.

Their return of equity (ROE) stood at 14.6 percent in the second quarter, up 1.9 percent on-quarter.

Among the 138 asset managers, 82 were in the black during the period, while 56 others posted net losses.

lcd@yna.co.kr
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