Woori Fund Service Launches Operation Instruction Forwarding System

[Asia Economy Reporter Kim Hyo-jin] Woori Fund Service announced on the 26th that it will establish and launch an 'Operation Instruction Forwarding System' that can manage the entire process of operation instructions sent by asset managers to administrative management companies. Woori Fund Service is a subsidiary of Woori Financial Group that is entrusted with administrative management services such as fund accounting and net asset value calculation for assets managed by clients.

According to Article 42 of the Capital Markets and Financial Investment Business Act, when an asset manager delivers fund operation details to an administrative management company through an operation instruction document, the administrative management company performs accounting processing and calculates the net asset value.

Woori Fund Service's 'Operation Instruction Forwarding System' is a system that can preemptively block errors in net asset value caused by confirmation or processing omissions that may occur during this series of processes, thereby enhancing the reliability of net asset value calculation.

Double-checking of operation instruction processing between asset managers and administrative management companies is also possible. Through this system, asset managers can additionally verify the results of accounting processing and other request handling according to operation instructions, thereby re-confirming the appropriateness of net asset value calculation.

A representative of Woori Fund Service said, "We will distribute the Operation Instruction Forwarding System to asset managers by the end of this month and are also in the process of applying for a patent," adding, "In the future, we plan to provide differentiated services tailored to customer needs through the accumulation of various know-how, technological innovation, and thorough risk management."

Meanwhile, Woori Fund Service stated that over the past four years, the number of error corrections in net asset value due to administrative management company faults has recorded zero (0) (based on the Financial Investment Association's electronic disclosure system fund disclosure), and in response to frequent errors occurring in net asset value calculation recently, it is making every effort to minimize manual work and ensure fairness in net asset value calculation through computerization.

This content was produced with the assistance of AI translation services.