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Korean J Financ Stud > Volume 49(6); 2020 > Article
Korean Journal of Financial Studies 2020;49(6):913-941.
DOI: https://doi.org/10.26845/KJFS.2020.12.49.6.913    Published online December 31, 2020.
Equity Mutual Funds: Current Status and Issues
Kwangsoo Ko
Professor of Finance, Pusan National University
주식형 공모 펀드: 현황과 과제
고광수
부산대학교 교수
Correspondence:  Kwangsoo Ko, Tel: +82-51-510-3730, Fax: +82-51-581-8180, 
Email: kks1201@pusan.ac.kr
Received: 21 December 2020   • Accepted: 28 December 2020
Abstract
An equity mutual fund is a financial intermediary that collects funds from various investors and invests in equities and other assets. It has the following advantages or functions: record keeping and administration, diversification and divisibility, professional management, and low transaction costs. Compared to the rapid growth of the global equity fund markets over the past decade, the Korean market has shrunk significantly. The main cause is the decline in the reliability of equity funds. This study examines the current status of the global and Korean fund markets and their relationships with private pension markets. Based on the findings, various issues in the Korean equity fund market are identified, and various possible solutions concerning asset management companies, sales companies, and institutional regulations are suggested. If the equity fund market gains the investors’ trust, it will reduce the direct investment of stocks by individuals, benefit the private pension markets, and contribute to the development of the Korean capital market.
Key Words: Equity Mutual Fund, Retirement Pension, Individual Retirement Account, Exchange Traded Fund, Master Trust
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