April 24, 2024
Finance
Earnings of AMCs gain 27% in Q3
[THE INVESTOR] Asset management companies in Korea saw their second-quarter earnings rise nearly 27 percent on-year, thanks to gains in commission fees, the financial watchdog said on Sept. 5.
The combined net income of the 228 asset managers came to 216.2 billion won (US$193 million) in the April-June period, up 26.7 percent from a year earlier, according to the Financial Supervisory Service.
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The rise stemmed mainly from an increase in their operating income and a decline in their equity investment losses, the FSS said.
Their combined assets increased 3 percent on-quarter to 1,010 trillion won at the end of June.
According to the FSS, 91 AMCs, or about 39.9 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 11 from the previous quarter, the FSS said.
By Song Seung-hyun and newswires (ssh@heraldcorp.com)
