Asset managers in South Korea post jump in 2021 net earnings

Data released by the Financial Supervisory Service (FSS) showed that asset management firms in South Korea saw their 2021 combined earnings jump 67.1% from a year earlier on the back of a rise in commission revenue. The data showed that combined net income of 348 asset management firms in the country came to KRW2.16tr (USD2.01bn) last year, up from KRW1.3tr a year earlier. The rise was attributed to an increase in commission revenue from their fund management and investment counselling, the data further showed. About 310 of the 348 asset management firms posted a profit while the rest logged a loss in 2021.