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MERGED SK MERCHANT BANKS ALLOWED TO DO WRAP ACCOUNT BUSINESS.
SEOUL, Feb 1 Asia Pulse - The Financial Supervisory Service has said it will grant voluntarily-merged merchant banks permission to combine managed investments into wrap accounts if desired.
Wrap accounts allow investors to spread their assets over a variety of mutual funds with asset management fees wrapped into one comprehensive charge, typically paid quarterly. Presently, only investment banks in Korea can offer the service.
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Source: HighBeam Research, MERGED SK MERCHANT BANKS ALLOWED TO DO WRAP ACCOUNT BUSINESS.