Asset manager earnings drop 6.1 pct in H1

SEOUL, Nov. 22 (Yonhap) -- Asset management companies in South Korea saw their
earnings fall 6.1 percent on-year in the first half of fiscal 2009 due to rising
fund redemptions, the financial watchdog said Sunday.
The combined net profit of 68 local and foreign asset managers stood at 267.9
billion won (US$231.1 million) in the April-September period, compared with 285.4
billion won a year earlier, according to the Financial Supervisory Service (FSS).
Asset managers' fiscal year starts in April in South Korea.
Their aggregate revenue decreased 4 percent on-year to 866.5 billion won, and
operating profit also slid 4 percent to hit 370.9 billion won, the FSS said.
Hefty stock redemptions between April and June slashed commission income,
reducing overall bottom lines, an FSS official said.
Mirae Asset Investment Management Co. posted the highest net income of 91.2
billion won, trailed by affiliate Mirae Asset MAPS Investment Management Co. with
37.5 billion won, according to the FSS.
As of the end of September, asset managers had a combined 327 trillion won under
their management, up 9.4 percent from a year earlier, it added.
pbr@yna.co.kr
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