ETF 특정금전신탁 사례를 통해 본 한국 시중은행 자산관리 전략의 변화와 시사점

초록

This study examines the current status of ETF-Specified Money Trust(ETF-SMT) in Korea’s commercial banking sector and analyzes the nature and causes of recent changes through the case of a commercial bank. Traditionally, Specified Money Trusts operate under a structure in which investors provide direct instructions for asset management. However, in practice, investments are often made passively based on recommendations from financial institutions, raising concerns about information asymmetry and inadequate investor protection. In response to these issues and alongside stronger regulatory oversight, the rapid growth of the ETF market in the 2020s has prompted banks to expand their ETF-based trust offerings. Over the past two years, the industry has experienced a major realignment in sales rankings for ETF-SMTs, during which Hana Bank achieved unprecedented growth. By introducing a differentiated product type called the Fractional Buyout Type (FBT), Hana created a new market segment. It also broadened its portfolio by incorporating bond ETFs and U.S.-listed ETFs—segments that had been largely overlooked by competitors. This study analyzes the current landscape of ETF-SMTs and the case of Hana Bank both quantitatively and qualitatively, in order to explore how Korean commercial banks can evolve their asset management strategies beyond the traditional fee-based business model.

키워드