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Asset managers' Q2 net nearly triples on investment returns

All News 06:00 September 10, 2020

SEOUL, Sept. 10 (Yonhap) -- The combined net profit of asset management companies in South Korea nearly tripled in the second quarter from a quarter earlier due to increased gains from their stock investment, data showed Thursday.

The combined net profit of 309 asset management firms came to 317.1 billion won (US$266.6 million) in the April-June period, compared with a profit of 117.7 billion won a quarter earlier, according to the Financial Supervisory Service (FSS).

South Korea's benchmark KOSPI index rose 20 percent in the second quarter despite the pandemic.

Their combined assets came to 1,186.5 trillion won at the end of June, up 3.2 percent from the end of March.

According to the FSS, 120 asset management firms, or 38.8 percent of the total, reported net losses during the second quarter, with the remainder posting net profits.

This file photo shows the logo of the Financial Supervisory Service in front of its headquarters in Yeouido, western Seoul. (Yonhap)

entropy@yna.co.kr
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