April 25, 2024
Finance
Investment advisory firms’ profits drop 85%
[THE INVESTOR] The combined net profit of 162 investment advisory firms in Korea plunged 85 percent on year in the 2016 fiscal year, data showed on June 9.
Competition was intensifying among investment advisory firms while new contracts declined during the April 2016-March 2017 period, forcing them to cut commission fees, the Financial Supervisory Service said in a statement.
The investment advisory firms reported a combined net profit of 96 billion won (US$85.50 million) during the fiscal year, compared with a profit of 112.9 billion won a year earlier.
Their average return on equity, a measure of profitability, stood at 3 percent, down 14.1 percentage points from a year ago, according to the data.
By Alex Lee and newswires (alexlee@heraldcorp.com)
Competition was intensifying among investment advisory firms while new contracts declined during the April 2016-March 2017 period, forcing them to cut commission fees, the Financial Supervisory Service said in a statement.
The investment advisory firms reported a combined net profit of 96 billion won (US$85.50 million) during the fiscal year, compared with a profit of 112.9 billion won a year earlier.
Their average return on equity, a measure of profitability, stood at 3 percent, down 14.1 percentage points from a year ago, according to the data.
By Alex Lee and newswires (alexlee@heraldcorp.com)
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