Mirae Asset Securities has been designated as an institution responsible for managing a retirement pension fund, introduced in the nation for the first time.
Mirae Asset Securities signed an MOU on the exclusive management of a retirement pension fund for SMEs with Korea Workers’ Compensations & Welfare Service (COMWEL) on Sept. 28, the securities company said.
The retirement pension fund for SMEs is the nation’s sole retirement pension fund in which SMEs with less than 30 regular employees and laborers contribute money.
The portion of SMEs introducing the retirement pension fund will be raised to the current 24 percent to 44 percent by 2030.
The deal calls for building asset management service infrastructure for the retirement pension fund for SMEs, guidance and support such as establishing of the fund’s investment policy statement, asset distribution, risk management and out evaluation, and consulting services and assistance related to institutional expansion such as public relation & marketing on the fund and seminars targeting fund recipient companies.
Mirae Asset Securities will serve as the manager of the retirement pension fund for SMEs until 2026.
Mirae Asset Securities Chairman Choi Hyun-man said, “We’ll focus on the retirement pension fund for SMEs to pour our conviction on customer alliance and efforts to become a strong partner for customers’ affluent later life preparation by improving pension return rate through investments.”
Mirae Asset Securities will contribute to stabilizing later life of employees of SMEs sites by utilizing its expertise on the retirement pension fund business to assist the expansion of the fund and successfully managing the fund using its global investment experiences and risk management capabilities, he said.
The retirement pension fund for SMEs targets employees with 2.3 million won in monthly pay. Under the regime, employers are offered a 10 percent contribution rate and it imposes a premium rate of less than 0.2 percent.
Mirae Asset Securities Launches Daytime Service for Trading U.S. Stocks
Mirae Asset Securities was launching a day market service for trading U.S. stocks on Oct. 3, the securities company said on Sept. 30.
Trading had so far been possible at nighttime when the U.S. markets remained open. From now on, U.S. stocks can be traded for nighttime hours.
As for the introduction of the day market service for U.S. stocks, Mirae Asset Securities began to launch a day market service for trading U.S. stocks due to rising recent fluctuations of global stocks, a Mirae Asset Securities official said.
Mirae Asset Securities began the trading service, starting at 9 a.m., the earliest among Korean securities companies. Trading last 21 hours and 15 minutes, virtually around the clock.
It was in the early this year that Mirae Asset Securities introduced “Total View Service,” offering a service on U.S. stock information to all customers.
A U.S. Nasdaq official said Total View is a service offered only by top-rated U.S. securities companies, and grasping of the demand-supply situation makes a big difference in decision making, compared to trading based on one price information, the official said.
Jang Ji-hyun, head of Mirae Asset Securities’ Digital Business Division, said, “Mirae Asset Securities will do its utmost to offer services leveraging investments and expanding boundaries in the years to come.”
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