South Korean brokerages woo super-rich to make them even richer

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The story "South Korean brokerages woo super-rich to make them even richer" was covered 2 days ago by Korea Economic Daily, a news publisher based in South Korea.

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South Korean brokerages woo super-rich to make them even richer - Korea Economic Daily

Quick Summary:

At the height of the pandemic, stock trading accounts in Korea ballooned to 70 million, with every single Korean owning 1.4 stock trading accounts on average.“Now that the Korean stock market is mature, securities firms find it hard to make money through stock brokering and commissions,” said a domestic brokerage house official.

According to a recent analysis of financial data by The Korea Economic Daily, the combined financial assets managed by 10 major domestic brokerage houses’ wealth management and retail financial divisions reached 1,060 trillion won ($763 billion) as of May, up from 1,006 trillion won at the end of 2023.

Financial data in the first five months show some 11 trillion won in such funds have flown into securities firms every month.Samsung Securities Co.topped the list with 14.8 trillion won coming their way in the January-May period, followed by Korea Investment & Securities Co.with 11.8 trillion won, KB Securities Co.with 8.3 trillion won, NH Investment & Securities Co.with 8.1 trillion won and Mirae Asset Securities Co.with 7.1 trillion won.