S. Korean asset managers` net slips 20.1 pct in fiscal 2008

By Park Bo-ram
SEOUL, June 2 (Yonhap) -- Total earnings of asset management firms in South Korea
plunged 20.1 percent on-year in fiscal 2008 due mainly to falling share prices,
the financial watchdog said Tuesday.
The combined net income of 63 local and foreign asset managers stood at 402.5
billion won (US$325.6 million) in the April-March period, compared with 503.8
billion won a year earlier, the Financial Supervisory Service (FSS) said.
"The earnings drop came as weak stock and bond markets cut their fee incomes," an
FSS official said.
The companies' aggregate revenue edged down 1.2 percent on-year to 1.54 trillion
won and total operating income shed 10.6 percent to 585.48 billion won, the
regulator said.
As of the end of March, the asset managers had a total of 385.4 trillion won in
assets under management, up 15.5 percent from a year earlier, it said.
Local asset manager Mirae Asset Investment Management Co. posted the largest net
income of 165.1 billion won, followed by its affiliate Mirae Asset MAPS
Investment Management Co. with 28.6 billion won.
Hit by a global credit crunch, the South Korean benchmark stock index KOSPI
slumped 29 percent over the cited period.
pbr@yna.co.kr
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