April 26, 2024

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[THE INVESTOR] Asset management companies in Korea saw their third-quarter earnings tumble nearly 30 percent on-year, the financial watchdog said on Dec. 4.

The combined net income of the 195 asset managers in the country came to 170.3 trillion won (US$157 million) in the July-September period, down 29.7 percent from a year earlier and 8 percent from three months earlier, according to the Financial Supervisory Service.

The decline stemmed mainly from a drop in their income from equity investments, though their aggregate operating income rose 6.1 percent on-quarter to 206.3 billion won.

According to the FSS, 82 AMCs, or about 42 percent of the total, lost money during the three-month period, with the remainder turning a profit.

The number of loss-making AMCs was up 19 from the previous quarter.

By Alex Lee and newswires (alexlee@heraldcorp.com)