Investment advisory firms in South Korea saw their earnings decline 44.3 percent in the first quarter of fiscal 2010 from a year earlier due to investment losses and increased operating costs, the financial watchdog said Tuesday.
The combined net income of 122 local and foreign investment advisers operating here came to 17.6 billion won (US$ 15.3 million) in the April-June period, compared with 31.6 billion won a year ago, the Financial Supervisory Service (FSS) said in a report.
The weaker bottom line came despite the firms’ expanded commission income as their profits from in-house fund management took a dive while operating costs increased, the FSS said.
As of the end of June, the investment advisers’ combined assets came to 608.6 billion won, up 9.7 percent from three months earlier, according to the FSS. (PNA/Yonhap)