Shinhan Bank, Samsung Asset Management team up to boost retirement pension services

Shinhan Bank has partnered with Samsung Asset Management to strengthen investment information and advisory services for retirement pension customers. The two firms plan to expand their pension asset management offerings beyond ETF product lineups and trading convenience improvements to include market outlooks and asset allocation strategies.

Shinhan Bank announced Monday that it signed an MOU with Samsung Asset Management at its headquarters in Jung-gu, Seoul, to enhance asset management services for retirement pension customers. Lee Jae-gyu, head of Shinhan Bank's Asset Management Solutions Group, and Kim Du-nam, head of Samsung Asset Management's customer marketing division, attended the signing ceremony.

Under the agreement, the two companies will jointly provide financial market outlooks, asset allocation strategies and pension investment information. They will also co-host online and offline seminars and campaigns for retirement pension customers. Shinhan Bank also plans to offer financial market training to branch advisers to sharpen their pension consulting capabilities.

Shinhan Bank has been steadily expanding ETF access and product options for retirement pension accounts. In September, it introduced a service allowing customers to use proceeds from an ETF sale to purchase another ETF on the same day, before the original transaction settles. The bank also partnered with fund research firm Zeroin to let customers check ETF trading volumes, price trends and portfolio compositions. Last month, it expanded the number of ETFs available in retirement pension accounts to 300.

ETF investment in the retirement pension market has been growing rapidly. According to a retirement pension investment white paper released in May by the Ministry of Employment and Labor and the Financial Supervisory Service, the total amount invested in ETFs through retirement pension accounts reached 48.7 trillion won ($36.3 billion) at the end of last year, marking three consecutive years of growth exceeding 100 percent. That figure represents about 40 percent of all performance-based retirement pension reserves.

"Following our expansion of ETF options and trading convenience, this partnership with Samsung Asset Management allows us to further strengthen investment information services," a Shinhan Bank official said. "We will support pension asset management tailored to each customer's investment profile and retirement goals, and continue to expand the experience of 'managed pension investing' that customers can truly feel."