투자자 신뢰제고를 위한 펀드매니저 정보공시제도 개선방안

초록

We have only limited research on the regulations about disclosing portfolio manager information despite its practical and scholastic significance. In particular, many investors are still using historical returns as a very important factor in making investment decisions, but with less attention to who manages their portfolios. Choosing superior managers is an important issue, as well as building the efficient portfolio according to conventional finance theories. This paper fills the gap and suggests how to improve disclosure regulations regarding portfolio managers through examining current domestic rules and foreign experiences. Since 2010, the information about portfolio managers has been disclosed through Korea Financial Investment Association, but its scope is limited. To address the drawback, this paper argues that the fund rating agencies and Non-Publicly-Offered mutual funds should be encouraged to present their information. This study also presents a theoretical basis that the following information should be disclosed in order to avoid the conflict of interest with investors: the roles and responsibilities of portfolio managers, benchmark, education background, qualification, compensation structure and personal investment. These suggestions for improving disclosure regulations will help institutional and retail investors in making reasonable and objective investment decisions. Also, the suggestions will help asset management companies to make better decisions on the retention and management of superior managers, the key factor of fund performance. We hope that our suggestions will contribute to restore investors’trust and revive mutual fund markets in line with the original objective of the current disclosure regulations.

키워드