Asset managers' Q1 net dips 38 pct

SEOUL, Aug. 26 (Yonhap) -- Total earnings by asset management firms in South
Korea declined 38 percent in the first quarter of fiscal 2008 from a year ago as
fee incomes fell, the financial watchdog said Wednesday.

The combined net profits of 64 local and foreign asset managers came to 96.1
billion won (US$77 million) in the April-June period, compared with 155 billion
won the previous year, the Financial Supervisory Service (FSS) said.
But their bottom line jumped 67.3 percent compared with the previous quarter,
signaling that business is improving amid signs of an economic recovery. They
close their books on March 31.
As of the end of June, total assets under management reached 375 trillion won, up
4.5 percent from a year ago.
Currently, a total of 64 asset managers are operating in South Korea, 19 of which
are foreign owned.
sooyeon@yna.co.kr
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