NH-Securities-wrap-account-rises-amid-virus-pandemic
An NH Investment & Securities product, dubbed “NH IM Global Blue Chips Wrap,” has attracted more than 30 billion won ($24 million) despite the new COVID-19 coronavirus. Photo courtesy of NH Investment & Securities

Top brokerage’s product attracts more than 30 billion won

NH Investment & Securities announced on June 8 that its product, dubbed “NH IM Global Blue Chips Wrap,” had attracted more than 30 billion won ($24 million) despite the new COVID-19 coronavirus.

The Seoul-based company said that its “non-face-to-face marketing” worked in a handsome way as it offered information to customers through online seminars.

The brokerage house added that the number of participants in its web-based seminars topped 400 this year.

NH Securities came up with the popular product under the business alliance with IM Capital Partners, which is headquartered in Hong Kong. Star fund manager Im Sung-ho founded the outfit early last year.

A wrap account is an investment portfolio that is professionally managed by a securities firm for a flat fee, according to Investopedia.

The fee, which is typically charged quarterly or annually, is based on total assets under management. It is comprehensive, covering all administrative costs, commission, and management expenses for the account.

We have chalked up respectable outcomes but could not let investors know them because of the COVID-19 pandemic. But the cooperation with NH Securities in web seminars led to good responses,” Im said.

An NH official said that the company will continue to offer web-based information.

The number of rich investors who hope to purchase overseas stocks has increased of late. But we could not invite experts in foreign countries to Korea so as to hold an event,” the official said.

The web-based events solved the problem because overseas experts can give detailed information online.”

NH Securities was launched in 2006 when Sejong Securities was incorporated into the National Agricultural Cooperate Federation, otherwise known as Nonghyup.

Currently, CEO Jeong Young-chae heads the outfit, whose largest shareholder is NH Financial Group. Its stake is 76.09 percent.