Transparent Structure
โครงสร้างโปร่งใส
The assets you entrust to a fund are not held by the asset manager itself. Under the structure set by the Financial Investment Services and Capital Markets Act, management is handled by BNB Asset Management, custody and administration by trustees (custodians), and NAV calculation by a fund administrator. This page explains that structure on the basis of our business report as of March 31, 2026.
ฉบับภาษาไทยของหน้านี้กำลังจัดทำ ขณะนี้แสดงเนื้อหาเป็นภาษาอังกฤษ
Separation
The Firm That Manages Is Not the Firm That Holds
Korean funds (collective investment vehicles) operate under the Financial Investment Services and Capital Markets Act (FSCMA) through a structure in which several firms divide the roles. The asset manager makes investment decisions and issues investment instructions, while fund property is held and administered not by the asset manager but by a trustee (custodian).
All funds managed by BNB Asset Management are private funds structured as investment trusts. The property of an investment trust is kept separate from the proprietary assets of both the asset manager and the trustee.
Roles are divided in this way so that no single firm makes the decisions, holds the assets, and calculates the prices, and so that each can verify the others.
- This structure exists to hold assets separately and to allow the parties to verify one another's work; it does not prevent investment losses from market movements or guarantee principal.
- This page describes the structure of funds (collective investment vehicles). Under investment advisory and discretionary investment management agreements as well, the Company does not hold client assets, in accordance with the law; the assets are held in accounts in the client's name.
Who Does What
Six Parties and Their Roles
We have set out each party's role by following the path investors' money takes through a fund. (As of 2026-03-31; business report)
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Investor · Qualified investors
Invests in the fund and holds beneficiary certificates representing that share. The Company's funds are general private funds in which only qualified investors as defined under the FSCMA may invest.
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Distributors · 11 firms
Sell the fund to investors and administer investors' accounts. In the course of selling, they carry out the procedures required by the relevant laws, such as investor verification and product explanation.
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BNB Asset Management · Directs investment
As the collective investment business entity, sets the fund's investment strategy, makes investment decisions, and instructs the trustees accordingly. It does not hold fund property itself, and manages the fund in accordance with the law and its internal control standards.
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Trustees · NH Investment & Securities · Mirae Asset Securities · KB Securities
As trustees (custodians), hold and administer fund property and carry out the acquisition and disposal of assets on the asset manager's instructions. Fund property is also kept separate from the trustees' own proprietary assets.
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Fund Administrator · Shinhan Fund Partners
Performs administrative work, including NAV calculation, under a mandate from BNB Asset Management. Having prices calculated by a firm separate from management improves the accuracy and transparency of the calculation.
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External Auditor · Samduk Accounting Corporation
Audits BNB Asset Management's financial statements under the Act on External Audit of Stock Companies. Audit reports are available on DART, the Financial Supervisory Service's electronic disclosure system.
2026-03-31 · Business report (Q4 FY2025)
Why It Protects You
How This Structure Protects Investors
Assets sit outside the asset manager
Fund property is held not by the asset manager but by the trustee, and is kept separate from the proprietary assets of both the asset manager and the trustee. Fund property is never commingled with the Company's own property.
Prices are calculated apart from management
The fund's NAV per unit is calculated by a fund administrator. BNB has disclosed that it delegated administrative work in order to improve the accuracy and transparency of NAV and return calculations (disclosure of delegation of business, 2018-11-02).
Distribution and management are separate
Funds are sold by distributors (11 firms as of 2026-03-31). Distributors explain products to investors, administer their accounts, and bear the obligations that apply to the sales process.
The Company is externally audited
The Company's financial statements are audited by its external auditor, Samduk Accounting Corporation, and audit reports are published on DART. The appointment of the external auditor is announced on our website (most recent notice 2026-07-30).
Assets without a market price are valued by a set method
Non-marketable assets with no market price, such as Pre-IPO holdings, are valued using the fair-value methodology set by the Collective Investment Property Valuation Committee.
As of 2026-03-31
Fund Infrastructure at a Glance
| Role | Firm | Reference date · Source |
|---|---|---|
| Collective investment business entity (asset manager) | BNB Asset Management Co., Ltd. | 2026-03-31 · Business report |
| Trustees (custodians) | NH Investment & Securities, Mirae Asset Securities, KB Securities (3 firms) | 2026-03-31 · Business report |
| Fund administrator | Shinhan Fund Partners | 2026-03-31 · Business report |
| Distributors | 11 firms | 2026-03-31 · Business report |
| External auditor | Samduk Accounting Corporation | Notice of external auditor appointment · Disclosures (website) |
- The number of distributors and trustees may change as funds are launched and wound up. The latest information is available in our quarterly business reports.
- The trustee and distributors for each fund can be found in that fund's documentation.
