우리나라 投資諮問業의 活性化 方案에 關한 硏究

Abstract

The purpose of this study is to present some activation plans of the domestic investment advisory business centering on its systematic and operational aspects after reviewing generally the investment advisory business together with the development process and current situation of the industry in developed countries such the U.S. and Japan. In general, investment advisory business means the business which provides information, for compensation, on securities investment to investors or discretionary service on portfolio management. But now the discretionary service is not permitted to the investment advisory business in Korea. The investment advisory business in Korea started with the revision of the Securities Exchange Act of 1987, following the real economic growth in the late 1980s and the expansion of the volume in financial assets. As of the end of March, 1993, 29 investment mangement companies were in operation in Korea. But, even though more than 5 years have passed since the business was introduced in Korea, the investment advisory business is continually suffering from the aggravation of business 17 companies are in condition of accumulated loss, as of the end of March, 1993. Even though the total contract amount has largely increased, the ratio of fictitious contract by the help of parent firms is very high, and its financial structure involves many problems. To begin with, the problems the domestic investment advisory business faces are as follows : First, in the institutional aspect, the legislative restrictions on the business are functioning as an abstacle for the investment advisory business. There are the prohibition of the discretionary investment service & the advisory service to its parent & subsidiary companies, the strict manpower requirements and the restriction of capital management. Second, in the aspect of internal sides, the lack of investors' recognition about the investment advisory business, investors' reluctant mind to pay fee to advisory service, the failure to differentiate securities & investment trust companies and the long-term slackness of the Korean stock market are also important factors. The following steps are presented to settle the above mentioned problems and achieve the sound development of the domestic investment advisory business. First, in the institutional aspect, some governmental measures, such as the allowance of the discretionary investment business, the expansion of its business area and the replacement of the establishment requisite must be decided first. In addition, it is urgent to appoint the investment advisory company as a special operating institute of public pensions funds and bank's money trust. And it is necessary to permit investment advisory company to give its services to its parent company and its subsidiary. The legal system which is separate from the Securities and Exchange Act should be also prepared in the near future. Second, in the operational aspect, the investment advisory company for itself should strengthen its competitiveness. More resources should be devoted to the training of professional fund managers who perform the investment advisory services. The organization of the investment decision-making process and the systemization of asset management to operate efficiently the large amount of funds domestically and abroad must be also considered. By the way, the expansion of investment advisory business causes the reorganization of financial structure especially asset the management industry. The classification of investment trust company and investment advisory company has no practical utility. On the contrary, it causes dysfunction by restricting competition. So it is necessary to remove the entry barrier between investment trust and investment advisory business by stages. Or it can be considered to divide the asset management industry two parts ; company to raise funds or assets and company to manage them.