Lee Chanjin Also Subscribes... Korea Investment & Securities, Mirae Asset IMA No. 1 Products a Hit

Korea Investment & Securities' First IMA Sells Out:
1.059 Trillion Won Raised
Mirae Asset Accepting Proportional Subscriptions Until the 24th

The first comprehensive investment account (IMA) products, which effectively guarantee principal with a base annual return rate of 4%, have attracted over 1 trillion won 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 productive financial transformation, also subscribed to the first IMA products of both Korea Investment & Securities and Mirae Asset Securities.

According to Korea Investment & Securities on the 24th, a total of 1.059 trillion won was raised during the four business days from the 18th 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 reached 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 principal-guaranteed, performance-based product in which securities firms pool customer deposits to invest in corporate finance assets such as venture capital, returning the performance to customers based on the results. The symbolic significance of being the first IMA product launched in eight years, along with a base return rate exceeding that of bank deposits and savings, is believed to have attracted investors' attention.

Mirae Asset Securities’ first IMA product, which is still accepting subscriptions as of today, has already surpassed 100 billion won in funds raised and is reportedly showing a 2:1 competition ratio. Unlike Korea Investment & Securities, which closed subscriptions on a first-come, first-served basis, Mirae Asset Securities is allocating subscriptions proportionally based on the amount applied for, 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 the IMA's popularity, Governor Lee subscribed to the first IMA products of both companies on the afternoon of the previous day. Similar to when he previously invested in a KOSPI-tracking exchange-traded fund (ETF) with an apartment purchase deposit, this move is interpreted as both a direct inspection of the IMA system from an investor’s perspective and a clear statement of the government’s intention to consistently promote productive financial transformation through the capital market.

Both companies’ first products are closed-end products (early redemption not allowed) offering a base annual return of 4%, with a minimum subscription amount of 1 million won. Korea Investment & Securities’ product has a two-year maturity and charges a 40% performance fee on returns exceeding the base rate. 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. Previously, Kim Seonghwan, CEO of Korea Investment & Securities, stated in an interview, “We plan to release one or two products each month.”

Governor Lee stated, “Since the IMA is a product where the supply of venture capital, soundness management, and investor protection must all function together, we will continue to monitor whether the system is being properly implemented in the field.” In a meeting with CEO Kim and other executives from Korea Investment & Securities and its holding company, Lee also urged them to take a leading role in the productive financial transformation, including quantitative expansion of venture capital and distinguishing between quality and non-quality assets.