South Korea will witness the creation of a fund supermarket as early as March next year, which enables investors to easily compare and invest in all the online public funds on sale

November 30, 2013 Leave a comment

S. Korea’s first fund supermarket to open next March

Park Seung-cheol

2013.11.26 17:20:04

South Korea will witness the creation of a fund supermarket as early as March next year, which enables investors to easily compare and invest in all the online public funds on sale. The Financial Services Commission (FSC) said Tuesday that ‘Online Fund Korea’, the nation’s first fund supermarket, filed for approval and we will review and enable it to launch as early as March next year. Online Fund Korea was created by the 47 asset management firms which jointly invested 22 billion won ($20.7 million). Cha Moon-hyun, former CEO of Woori Asset Management was named as chief executive of Online Fund Korea. Kim Jin-hong, high-ranking official from FSC, said, “FSC’s all approval procedures will be wrapped up by end-February next year,” adding “we’ll not spare efforts for Online Fund Korea to begin operation by next March.” Investors will be allowed to purchase all the available kinds of public offering funds from Online Fund Korea website without visiting off-line channel. The supermarket with competitive edge in counter maintenance and labor costs will charge commission one third less than online market. This will open up the door for investors to invest in diverse funds at lower costs, so all eyes are on if the new market will be reshaped to become more consumer-oriented.

Filed under Macro Trends

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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