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Korean J Financ Stud > Volume 48(2); 2019 > Article
Korean Journal of Financial Studies 2019;48(2):157-179.
DOI: https://doi.org/10.26845/KJFS.2019.    Published online April 30, 2019.
Fund Line-up Behavior of Retirement Pension Service Providers : Focused on Affiliated Funds
Jaehyun Kim, Kyonghee Lee, Inwook Song
퇴직연금사업자의 펀드 라인업 행태 분석
김재현, 이경희, 송인욱
2한국펀드평가 리서치센터
This paper investigates whether retirement pension service providers suggesting investment line-up favor their affiliated funds. We find that affiliated funds are treated loosely in addition and deletion criteria compared to non-affiliated funds. For example, poorly-performing affiliated funds are less likely to be removed from a line-up than non-affiliated funds. The result indicates that conflicts of interest exist between service providers and participants in the retirement pension market. Best of all, regulatory actions should be employed to mitigate the conflicts. We propose that an independent governance committee in each pension provider is the appropriate countermeasure to minimize unfair investment behavior and to protect participants’ interests.
Key Words: 퇴직연금펀드,퇴직연금사업자,계열운용사,라인업,펀드특성,Retirement Pension Fund,Pension Service Provider,Affiliated Fund,Investment Line-up,Fund Characteristics
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