Mirae Asset Securities (006800) ranked first among all distributors in sales of retail-only treasury bonds through retirement pension accounts in the first month the investment was allowed, according to industry figures. Competition in the segment is expected to intensify, as the long-term nature of retirement savings is likely to boost demand for long-dated products.
Subscriptions for retail-only treasury bonds through Mirae Asset Securities retirement accounts totaled 62.36 billion won last month, according to financial investment industry sources on the 13th. Total subscriptions through retirement pension accounts across all distributors came to 143.3 billion won in September, meaning Mirae Asset accounts alone handled 43.5% of the market. That translates to roughly four out of every 10 buyers purchasing the bonds through a Mirae Asset account.
The Ministry of Finance and Economy introduced the program in September, allowing holders of retirement pension accounts to invest in 10-year and 20-year retail-only treasury bonds. Five brokerages — Mirae Asset, Korea Investment, NH Investment, Samsung and KB Securities — and three banks — Shinhan, Hana and NH NongHyup Bank — currently sell the products. With competition across financial sectors over the retirement pension market intensifying, distributors moved to capture new money from the program's first month. For financial firms, the bonds offer a way to draw additional retirement savings while building a client base that lasts as long as the bonds' maturity.
Analysts attribute Mirae Asset Securities' early lead to its dominant pension asset base and client network. In June, the firm became the first in the brokerage industry to surpass 80 trillion won in pension assets. About 440,000 new pension clients have signed up this year alone. If those clients invest in retirement-account treasury bonds, the firm is well positioned in the sales race, analysts said.
Its years as the sole distributor of retail-only treasury bonds through dedicated accounts also played a part, observers said. Dedicated accounts allow investment not only in 10-year and 20-year bonds but also in three-year issues, both coupon-bearing and compound-interest, and five-year issues. Mirae Asset Securities has handled subscriptions, allocations and early redemptions since the bonds were first launched in June 2024. That operating experience helped the firm differentiate itself in retirement accounts as well, according to the analysis. Total subscriptions for retail treasury bonds raised last month across all sales channels, including retirement pension accounts and dedicated accounts, reached 258.5 billion won. "Subscriptions through dedicated accounts, at 115.16 billion won, and retirement pension accounts, at 62.36 billion won, came to 177.5 billion won, or about 69% of all retail-only subscriptions," a Mirae Asset Securities official said.
Rising volatility in domestic and overseas equity markets has also lifted interest in the bonds, which offer tax benefits and stable returns. With semiconductor shares that had driven the local market losing momentum, unlike earlier this year, investors have shown growing interest in a wider range of products within retirement accounts. The bonds carry low risk because they are guaranteed by the government, and holders who buy them through retirement accounts pay no tax until maturity. Investors who hold to maturity also receive benefits such as a premium interest rate.