Samsung Asset Management's KODEX exchange-traded funds have surpassed $100 billion in assets under management, driven by this year's surge in the KOSPI index. The milestone ranks the firm 14th among U.S. asset managers, with AUM jumping 50% in just four months. Analysts point to a virtuous cycle where growing ETF adoption fuels equity markets, which in turn attracts more capital to ETFs.
According to Samsung Asset Management, KODEX ETF net assets totaled 157.49 trillion won as of Feb. 27, equivalent to approximately $107.5 billion at an exchange rate of 1,464 won per dollar. The figure represents a gain of roughly 50 trillion won since October, when assets first crossed the 100 trillion won threshold.
"Net assets reached 144 trillion won on Feb. 19, marking the first time we exceeded $100 billion in dollar terms," a Samsung Asset Management official said. "From $900 million at the end of 2006 and $9 billion in 2016, we've grown more than tenfold to $100 billion in less than a decade."
The $100 billion mark is rare even in the United States. According to ETF data firm ETFdb, only 13 U.S. asset managers had AUM exceeding $100 billion as of Feb. 23. Samsung Asset Management's AUM now surpasses that of ProShares (16th) and Goldman Sachs (17th). In Asia excluding Japan, only China's ChinaAMC and E Fund manage over $100 billion.
Samsung's product lineup also matches global standards. The firm currently operates 229 ETFs—only four U.S. companies manage more: BlackRock, Invesco, First Trust, and Tidal Financial.
Samsung Asset Management leads Korea's fund management market, with particular strength in domestic index products. KODEX 200 and KODEX KOSDAQ150 rank first in AUM among Korean KOSPI and KOSDAQ index ETFs respectively. KODEX 200's market capitalization stood at 19.50 trillion won as of Feb. 27, the largest among domestic ETFs.
The divergence between struggling U.S. markets and robust Korean equities this year has also benefited Samsung. The firm has traditionally focused on domestic markets, while rival Mirae Asset Global Investments specializes in overseas products. KODEX 200, Samsung's flagship ETF, reclaimed the top spot in market capitalization in late January amid the KOSPI rally, after briefly trailing Mirae Asset's TIGER U.S. S&P 500. Samsung's market share edged up to 41% at the end of February.
Securities analysts expect KODEX net assets could reach 200 trillion won within the year, given the rapid pace of capital inflows into Korean equities. "KODEX 200 reclaiming the top ETF position contributed significantly to AUM growth, while KODEX Money Market Active absorbed demand for market standby funds," an industry official said. "We've seen balanced growth across domestic equities, bonds, and overseas equity products."