Financial Supervisory Service Governor Lee Chan-jin visited Korea Investment & Securities Co. on the 23rd, personally signed up for the first integrated managed account (IMA) product, and emphasized the securities industry's role in supplying venture capital.
The IMA is a securities account introduced to boost the supply of venture capital by the government, under which securities firms invest at least 70% of client funds in corporate finance. Korea Investment & Securities Co. was designated as an IMA operator along with Mirae Asset Securities and on the 18th launched the industry's first product.
That afternoon, Lee visited the headquarters of Korea Investment & Securities Co. in Yeouido, Seoul, signed up for an IMA product, and met with the management of Korea Investment Holdings and Korea Investment & Securities Co.
At the meeting, Lee said, "The IMA is a product that must operate on three pillars: supplying venture capital, managing soundness, and protecting investors," adding, "We will continue to check whether the system is being implemented in the field as intended."
Lee also asked Korea Investment & Securities Co. to play a leading role in shifting to productive finance through the capital market. Lee emphasized that the firm should also set an example in its own management and oversight systems so that investment funds can be used to support the growth and innovation of corporations.
Regarding recent losses from overseas real estate funds, Lee asked the industry to take heavy responsibility for investor damage and to work proactively to restore trust.
Lee also noted the risk of exchange-rate fluctuations and the potential for losses on high-risk products as individual investors expand their overseas investments, saying securities investment firms must fully carry out their duty to explain investments to clients.
Meanwhile, Lee also signed up for Mirae Asset Securities' IMA product that day.