With the sales of the second National Participation-type National Growth Fund (hereinafter referred to as the National Participation Fund) concluding, attention is turning to the shift in the center of sales from banks to securities firms. It appears that this was influenced by the fact that liquidity may vary depending on the subscription channel once the fund is listed on an exchange. Ensuring transaction convenience for investors has emerged as a key issue.
According to financial investment industry sources on the 15th, the sales allocation amounts for each financial institution for the second National Participation Fund, which closed sales on that day, were adjusted twice during the recruitment process. A notable phenomenon was the significant reduction in allocations for the banking sector and the transfer of that volume to securities firms.
The initial allocation of 65 billion won for KB Kookmin Bank was reduced to 55 billion won in the first adjustment and further decreased to 40 billion won in the second adjustment. Shinhan Bank also decreased from 60 billion won, passing through 50 billion won, to 36.2 billion won. Hana Bank was reduced from 60 billion won to 25 billion won, and Woori Bank was reduced from 60 billion won to 35 billion won, respectively.
In contrast, allocations for securities firms increased. Korea Investment & Securities rose from 40 billion won to 62 billion won, and Samsung Securities increased from 43 billion won to 79.7 billion won. Mirae Asset Securities also expanded from 38 billion won to 90 billion won, and NH Investment & Securities grew from 15 billion won to 35 billion won.
This is a different atmosphere compared to the sales of the first National Participation Fund conducted at the end of May last year. At that time, approximately 98% of the volume was sold out within about two days of the start of sales. In particular, it was so popular that the online and offline sales portions from 10 banks were sold out first.
However, the second fund, launched on the 30th of last month, could not match the sales speed of the first round. Amid a slight cooling in overall investment enthusiasm, sluggish sales in the banking sector stood out.
The financial investment industry cites differences in liquidity due to exchange listing as a major cause. The National Participation Fund is scheduled to be listed on the Korea Exchange in the form of securities three months after the end of sales. Investors can sell on the market before maturity to recover their investment funds.
The issue is that bank subscribers, unlike brokerage subscribers, cannot directly conduct on-market transactions. This is because banks are unable to handle the entrusted trading business for buying and selling orders of exchange-listed products. Since more than half of the first fund's subscribers used banks, the impact of the difference in transaction convenience is not small.
In response, financial authorities have exceptionally allowed bank subscribers to transfer their securities to a brokerage firm before trading on the market. While institutional improvements are being promoted to enhance the transaction convenience for bank subscribers, it is expected that time will be required until actual implementation.
The National Participation Fund is a policy product designed to supply private capital to cutting-edge strategic industries and innovative companies and to share growth outcomes with the public. Given its strong long-term investment nature, there are indications that not only stable returns but also the convenience of recovering investment funds are important.
A financial investment industry official stated, "The reduction in banking sector allocations and the expansion of brokerage firm shares this time is a case where liquidity issues affected sales," adding, "For the National Participation Fund to establish itself as a channel for continuously supplying capital to growth companies, institutional support that considers transaction convenience after subscription is necessary."
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