Korean asset managers, brokerage firms suffer negative net worth

A number of South Korean asset managers and brokerage houses exhibited negative net worth.

This was due to the eurozone debt crisis and increased competition ate into their profitability, according to industry data.

According to the Financial Supervisory Services, 34 out of 82 asset managers in South Korea had negative net worth as of end-June. Last week, Wise Asset Management Co. was kicked out of the market as it was saddled with negative net worth following a massive loss of some 90 billion won or US$80 million from options trades on Nov. 11, 2010.

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