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Thu, February 3, 2022 | 01:32
Companies
KB to sell 'Victory Korea funds'
Posted : 2019-08-30 18:37
Updated : 2019-09-02 17:45
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By Jhoo Dong-chan

KB Financial plans to introduce equity fund products similar to the "NH-Amundi Victorious Korea Equity Fund," the companies said Friday.

The NH-Amundi Victorious Korea Equity Fund bets on domestic firms the government is supporting amid its ongoing trade bout against Tokyo. The fund has received local investors' attention since President Moon Jae-in joined the fund to invest unspecified amounts to help domestic firms on Aug. 26.

The fund had formerly attracted only 100 million won ($82,569) per day from domestic investors when it was introduced on Aug. 14. Since Moon joined the fund, however, investors' rush has reached more than 2 billion won every day.

Following the NH-Amundi's lead, KB Financial Group is reviewing their plan to introduce similar financial products jointly with their affiliates.

"Not only financial firms but also the government and lobby organizations are working together to strengthen monitoring of the impacts of the Korea-Japan trade dispute," said a Korea Financial Investment Association official.

"Domestic financial firms also worked together to help firms affected by the trade row between the two countries. The NH-Amundi Victorious Korea fund was a byproduct of their efforts. Other asset management firms are also considering rolling out similar products."

KB Asset Management, the group's asset management unit, said it is also reviewing its plan to roll out the similar equity fund product.

"We haven't decided whether to introduce the product jointly with KB Kookmin Bank. We could solely refurbish existing equity fund products and roll out a new one," the official said.

Due to the recent uproar over derivative linked securities products, Woori and KEB Hana Bank showed reservations about releasing any financial products in the near future.




Emailjhoo@koreatimes.co.kr Article ListMore articles by this reporter



 
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