Hana Fund Services said on Thursday it will provide an AI-based accountability management system it co-developed with Deloitte Anjin to 4 small and mid-sized asset management firms.

Hana Fund Services signed contracts for the accountability management system with 4 small and mid-sized managers. It started with Taurus Asset Management and Gudo Asset Management in November last year, followed by HDC Asset Management in December and Shinyoung Asset Management in January this year.

Hana Fund Services invited asset management firms on 5 occasions last year to hold briefings on accountability structure charts and demonstrate the system. It completed development after actively reflecting requests from partner companies.

It also plans to provide an optimised solution to more asset managers before a revised governance law takes effect in July this year.

Hana Fund Services CEO Kim Deok-soon (김덕순) said, "The introduction of accountability structure charts in the asset management industry will be a major turning point, going beyond a simple response to regulation, for South Korea's financial industry as a whole to achieve transparency at a global level." He added, "Hana Fund Services will be a reliable partner so asset managers can focus on their core business of investment and management."