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Asset managers' Q3 net jumps 44.4 pct on commission fees

All News 06:00 December 02, 2020

SEOUL, Dec. 2 (Yonhap) -- The combined net profit of asset management companies in South Korea jumped 44.4 percent in the third quarter from a quarter earlier due a strong gain in commission fees, data showed Wednesday.

The combined net profit of 324 asset management firms came to 459 billion won (US$415 million) in the July-September period, compared with a profit of 312 billion won a quarter earlier, according to the Financial Supervisory Service (FSS).

South Korea's benchmark KOSPI index rose about 10 percent in the third quarter despite the pandemic.

Their combined assets came to 1,193.2 trillion won at the end of September, up 0.6 percent from the end of June.

According to the FSS, 86 asset management firms, or 26.5 percent of the total, reported net losses during the third 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)

kdh@yna.co.kr
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