Fund managers face disappointment in Korea

The promise of direct institutional sales has been shattered.

Achieving regulatory progress in South Korea remains a case of one step forward but one step back for fund managers.

Last week the Ministry of Finance and Economy announced a series of liberalizations it will include in a new asset management law to be submitted to the National Assembly this autumn. What it did not announce, however, is that MoFE is caving in to the demands of securities houses to crush the main desire of fund managers direct sales to institutional investors.

Lee Kap-su, senior managing director at the Korean Investment Trust Companies Association Kitca, says a number of fund managers affiliated to major securities companies, such as Daehan Investment Trust Management Company,...

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