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Finance

Mirae Asset Securities launches retirement pension robo wrap service in IRP

Mirae Asset Securities on Aug. 5 launched a discretionary robo-adviser service for individual retirement pension (IRP) accounts. The “Retirement Pension Robo Wrap” has a robo-adviser build a global asset allocation portfolio and execute trades depending on market conditions. The company said the service is designed to reduce investors’ burden of choosing timing and securities, and to manage pension assets using algorithms and data. Cumulative robo-adviser accounts topped 140,000 as of end-July, with subscriptions exceeding 8.3 trillion won.

Finance

Mirae Asset\'s two U.S. benchmark index ETFs top 30 trillion won in combined net assets

Mirae Asset Global Investments said on Tuesday that the combined net assets of its TIGER U.S. S&P 500 ETF and TIGER U.S. Nasdaq 100 ETF exceeded 30 trillion won. Korea Exchange data showed their combined net assets stood at 30.99 trillion won at Monday’s close, accounting for more than half of total net assets in U.S. benchmark index-tracking ETFs listed in South Korea. Retail net buying in the two funds totalled 5.34 trillion won this year through Monday.

Crypto

BlackRock remains optimistic on bitcoin despite weakness; global bond CIO says it will hit new highs again

Rick Rieder (릭 리더), BlackRock\'s global bond chief investment officer and head of its global asset allocation team, said he remains optimistic on bitcoin even during a sharp decline. He played down short-term volatility and said bitcoin could eventually rise to a higher level and reach a new record high again. Rieder said BlackRock keeps its bitcoin exposure conservative. He also pointed to large cash holdings in money market funds as potential fuel for rapid reallocation.