Korea Investment & Securities' First IMA Sells Out:
1.059 Trillion Won Raised
Mirae Asset Accepting Proportional Subscriptions Until the 24th
The first "Integrated Investment Account (IMA)" products, which offer an effective principal guarantee with a benchmark annual return of 4%, have attracted over 1 trillion won in funds in a short period, confirming the market's strong interest. Lee Chanjin, Governor of the Financial Supervisory Service, who has consistently emphasized the government's commitment to transitioning to productive finance, also subscribed to the first IMA products offered by Korea Investment & Securities and Mirae Asset Securities.
According to Korea Investment & Securities on December 24, a total of 1.059 trillion won was raised during the four business days from December 18 to the previous day through the IMA No. 1 product offering. More than 80% of the funds came from individual customers, highlighting the strong participation of retail investors. The total number of accounts opened was 20,990. As the product reached its 1 trillion won fundraising target earlier than expected, online sales were closed ahead of schedule the previous day.
The IMA is a performance-based product in which securities firms pool client deposits and invest them in corporate finance assets such as venture capital, returning profits to clients based on investment performance, with an obligation to return the principal. The symbolic significance of being the first IMA product launched in eight years, combined with a benchmark return higher than that of bank deposits and savings accounts, is seen as a key factor drawing investor interest.
Mirae Asset Securities' first IMA product, which is still accepting subscriptions as of today, has already surpassed its 100 billion won fundraising target, with a reported competition ratio of 2 to 1. Unlike Korea Investment & Securities, which closed subscriptions on a first-come, first-served basis, Mirae Asset Securities is allocating shares proportionally based on application amounts, allowing participation until the closing date.
Lee Chanjin, Governor of the Financial Supervisory Service, visited Korea Investment & Securities in Yeouido on the 23rd and subscribed to the IMA No. 1 product. Financial Supervisory Service
Amid strong demand for IMAs, Governor Lee subscribed to the first IMA products from both companies on the afternoon of the previous day. As with his earlier subscription to a KOSPI-tracking ETF using his apartment purchase deposit, this move is interpreted as an effort to directly inspect the IMA system from an investor's perspective on-site, while also reaffirming the government's consistent commitment to productive finance through the capital market.
The first products from both companies are closed-end products (early termination not allowed) with a benchmark return of "4% per annum," and the minimum subscription amount is 1 million won. Korea Investment & Securities' product has a two-year maturity and charges a 40% performance fee on returns exceeding the benchmark. In contrast, Mirae Asset Securities lowered the performance fee to 30%, giving a greater share to customers, but extended the maturity to three years.
Both companies are expected to continue launching second and third IMA products in the future. Kim Seonghwan, CEO of Korea Investment & Securities, previously stated in an interview that "one or two new products will be launched each month."
Governor Lee said, "Since the IMA is a product that must simultaneously ensure the supply of venture capital, soundness management, and investor protection, we will continue to monitor whether the system is being properly implemented in the field." In a meeting with CEO Kim and other executives of Korea Investment & Securities and its holding company on the same day, Governor Lee also called on them to play a leading role in expanding the scale of venture capital and distinguishing quality investments, thereby advancing the transition to productive finance.
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