January 09, 1999
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| January 09, 1999 | atimes.com | |
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| The Koreas Novelty mutual funds find fans SEOUL - With the Korean stock market giving a strong performance, mutual funds have emerged as new high-profit investments. The financial instrument, usually seen as a typical investment trust product in Western countries, debuted on the local market in September last year. Currently, only closed-end mutual funds are available in South Korea. The market leader in the sector is Mirae Asset Investment Co., which offered a mutual fund for the first time late last year. Mirae has sold the No. 1 ''Mirae Asset Park Hyun-joo'' fund, with 90 percent of its portfolio invested in stocks. The recent rally on the local stock market has seen many mutual funds offering attractive targeted returns of between 20 percent and 30 percent, but the returns are not guaranteed by mutual fund sellers. (Asia Pulse/Yonhap) | |||||||||
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