KB Asset Management benefits from Kospi declines
For Korean asset managers, good times depend on poor stock market performance, reflects KB Asset Management's chief executive Cho Jaemin.
"We had a good 2011, especially in the second half, thanks to the market downturn," says Cho Jaemin, CEO at the W26 trillion ($23 billion) KB Asset Management, one of the leading managers of Korean equity funds in AUM terms.
This captures the paradox that reigns over the Korean funds industry today: asset managers succeed when the Kospi 200 benchmark index falls, and suffer when stocks perform well.
It's the opposite of conventional wisdom regarding the business of funds managem…
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