Aegis Asset Management Achieves Three Consecutive Years of Net Profit Growth... Assets Under Management Surpass 33 Trillion Won

by Song Hwajung

Published 13 Apr.2026 10:55(KST)

Aegis Asset Management has reported a third consecutive year of net profit growth, despite a challenging market environment caused by the deterioration of real estate project financing (PF) and prolonged high interest rates. The company’s assets under management have also increased every year, surpassing 33 trillion won.

SI Tower Purchased by Aegis Asset Management

According to the financial investment industry on April 13, Aegis Asset Management’s net profit last year amounted to 74.1 billion won. This marks a continuous increase for three consecutive years, following 51.0 billion won in 2023 and 71.8 billion won in 2024. Operating profit also nearly doubled over two years, rising from 72.3 billion won to 122.8 billion won and 138.8 billion won during the same period.

This period was marked by a worsening market environment. In 2023, negative margins emerged as funding costs exceeded rental yields, making it virtually impossible to set up new funds. In 2024, as assets financed during the low interest rate era matured in large numbers, more management companies faced greater refinancing burdens for existing assets. At the same time, PF defaults became more widespread, further deepening polarization within the industry. As transaction volumes sharply declined, key fee income streams such as acquisition and sales fees also decreased.

The key factor behind Aegis Asset Management’s resilience during this period was its stable management fee structure based on assets under management. According to the Korea Financial Investment Association, the company’s entrusted assets (total net assets) steadily increased from 22 trillion won in 2021 to 33 trillion won last year. It has maintained the industry’s top spot in the domestic real estate fund market with a 15.0% market share for ten consecutive years since 2016. Even as transaction fees declined, management fees based on assets under management became a pillar of the company’s performance.

The company also saw improvements in financial soundness. Retained earnings increased by more than 100 billion won over three years, from 321.3 billion won in 2023 to 429.4 billion won in 2025. The debt ratio dropped below 100%, falling from 105.5% in 2024 to 95.9% in 2025.

As assets under management expanded and finances improved, deal performance also supported the company’s growth. On the sales side, the most notable case is Factorial Seongsu. In 2020, Aegis Asset Management directly purchased an old logistics facility site near Seongsu Station and developed it into a state-of-the-art office building. At that time, Seongsu-dong was not recognized as an office district. Achieving a 100% occupancy rate before completion, this asset was successfully sold at the end of last year. Other assets under management, such as Signature Tower and Susong Square, were also successfully exited in succession, further proving the company’s sales capabilities.

On the acquisition side, the purchase of SI Tower in the core Gangnam Business District (GBD) stands out. After a competitive bidding process involving nine domestic and international parties, Aegis Asset Management was selected as the final buyer. SI Tower, acquired through the Aegis Value-Up No. 1 REIT, is a property with Hyundai Mobis occupying about 70% of the total space under a long-term lease, providing stable cash flow. Overseas, the company expanded its global portfolio by acquiring One Poultry in London’s financial district.

As it has become increasingly difficult to generate profits simply by holding assets, Aegis Asset Management is shifting its business structure to directly broaden its engagement with corporate clients. The company established a Corporate Marketing Center and is pursuing an “Asset as a Service” model, which provides integrated solutions for corporate needs in space, capital, and operations. The goal is to transform real estate from a mere rental space into a platform that supports companies’ business performance. Earlier this month, the company signed a strategic memorandum of understanding (MOU) with Samil PwC to collaborate in six areas, including development finance advisory, attracting foreign tenants and investors, and leasing advisory strategy consulting.

A representative from Aegis Asset Management stated, “Our management fee base, built on stable growth in assets under management, remains solid,” adding, “We will prepare for our next phase of growth by simultaneously pursuing integrated solutions centered on corporate clients and expanding our global capital sourcing channels.”