Seoul: South Korea's first investment product operated under investment management accounts (IMA) was introduced to the local market Thursday. Korea Investment and Securities, a local brokerage, announced the start of sales for its first IMA-operated investment product. This product is a closed-end fund with a maturity of two years and requires a minimum subscription amount of one million won (US$676.6).

According to Yonhap News Agency, the product will primarily consist of corporate finance assets that have steady cash flows, including corporate bonds and acquisition financing. The launch of this product follows the approval from financial regulators last month for two local brokerages, Korea Investment and Securities and Mirae Asset Securities, to manage such accounts. This move aims to develop homegrown, large-scale investment banks, taking inspiration from global giants like Goldman Sachs.

Mirae Asset Securities is also planning to introduce similar investment products in the near future.