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Transcript of Annual Report 2011eng
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Annual Report FY2010
14th Fl., Samsung Asset Management 36-1, Yeouido-Dong, Yeongdeungpo-Gu, Seoul, Korea
TEL: 82-2-3774-7600 FAX 82-2-3774-7633www.samsungfund.com
ANNUALREPORTFY2010
SAMSUNGASSETMANA
GEMENT
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One Step Ahead for the Customers
In an industry known for unpredictable change
Asset Managements investment expertise
staff, systematic risk management, and advan
marketing have earned it a reputation as a lea
management company in Asia. Its superior
and services continue to prove it Korea
asset management company by delivering
investments and affording an affluent life for its c
In the quest towards a new vision to becom
Class Asset Management Company in Asia by
steadfast trust of its customers, at home and abro
it forward. Samsung Asset Management will kee
ahead of its competitors in the global market.
2015 Top-ClassAs
Management Company i
HISTORY
1998~1999
1998. 09 Founded Samsung Lie Investment Trust Management Co. (paid-in capital o
KRW 30 billion)
1999. 12 Acquired Samsung Investment Trust Management Co. (paid-in capital o KRW
63.2 billion, AUM o KRW 18.9 trillion)
2000~2002
2000. 03 Capital increase with consideration o KRW 30 billion (paid-in capital o KRW
93.2 billion)
Changed rom Samsung Lie Investment Trust Management Co. to Samsung
Investment Trust Management Co.
2001. 01 Ranked No. 1 in AUM
2001. 08 AUM reached KRW 20 trillion
2001. 11 Chosen to be lead und manager o the Investment Pool or Public Funds
2002. 10 KODEX 200 ETF listed on the Korea Exchange (KRX)
2003~2005
2003. 03 AUM reached KRW 40 trillion
2004. 12 AUM reached KRW 60 trillion
2005. 04 Established Asia Bond Fund (ABF); selected to be the Korean manager o ABF
2005. 11 Rechosen as lead manager o the Investment Pool or Public Funds
2006~2007
2006. 01 Brand slogan Stay Ahead created
2006. 06 Sector ETF (automobiles, semiconductors, banks) listed on KRX
2007. 03 AUM reached KRW 74 trillion
2007. 09 KODEX China H ETF listed on KRX
2007. 11 KODEX 200 ETF listed on Tokyo Stock Exchange
Samsung Asset Management Ltd. established in Hong Kong
2008
2008. 02 KODEX Japan ETF listed on KRX
2008. 04 Samsung Asset Management Pte., Ltd. established in Singapore
2008. 05 AUM reached KRW 85 trillion
KODEX ETFs (Samsung Group stocks, securities, shipbuilding) listed on KRX
2009
2009. 07 KODEX Treasury Bond ETF listed on KRX
2009. 09 KODEX Inverse ETF listed on KRX
Selected to be the Korean manager o Nomura Asset Managements Asia Fund
2009. 10 KODEX ETFs (energy & chemicals, steel, construction) listed on KRX
2009. 11 Reappointed as lead manager o the Investment Pool or Public Funds
2010
2010. 02 KODEX Leverage ETF listed on KRX
2010. 04 Changed company name rom Samsung Investment Trust Management Co. to
Samsung Asset Management Co.
2010. 10 KODEX gold utures ETF listed on KRX
2010. 11 Selected to be the Korean manager o the Japans Nikko Fund
2010. 12 Selected to be a manager o the Korea Investment Corporation (KIC)
2011
2011. 02 Signed an MOU or a joint venture with Xiangcai Securities o China
2011. 03 Selected to be the Korean manager o the China Investment Corporation (CIC)
2011. 05 Onshore Fund House in Korea by Asian Investor magazine
The sloganStay Aheadembodies the
determinationof Samsung Asset Management
tokeep one step ahead the competitionto its
customers benefit.
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CONTENTS
FY 2010 Financial Highlights
History
Profle
Vision 2015
CEOs Message
Board o Directors
Highlights
Review o Operation
Equity Investment Division
Long-term Equity Investment Division
Strategy Management Division
Fixed Income Investment Division
ETF Investment Division
Quantitative Investment Division
Global Investment Division
Overseas Branch Ofces
Public & Pension Funds Investment Division
Real Estate Investment Division
Retirement Pension
Compliance
Customer Satisaction
Social Contribution
Financial Statements
Independent Auditors Report
Internal Accounting Control System Review Report
Statements o Financial Position
Statements o Income
Statements o Appropriations o Retained Earnings
Statements o Cash Flows
Organization
Financial Network
01
02
04
06
08
16
17
18
19
20
21
22
23
24
25
26
27
28
30
34
35
36
37
38
39
40
41
FY 2010 FINANCIAL HIGHLIGH
Operating Revenue
Operating Expenses
Operating Income
Non-Operating Income
Non-Operating Expenses
Ordinary Income
Income Tax Expense
Net Income
Total Cash and Bank Deposits
Other Assets
Total Assets
Depository Liabilities
Other Liabilities
Total Liabilities
Total Shareholders Equity
Securities
MMF
Investment Advisory
Others
Total Assets Under Management
2011. 3
111,544
74,390
37,154
1,045
2,463
35,736
9,659
26,077
215,132
82,249
297,381
100,682
13,080
113,762
183,619
144,697
46,456
711,882
107,402
1,010,437
Total Assets
(Unit: KRW billion)
Total Assets under
Management (AUM)
(Unit: KRW trillion)
2009.3
365
2009.3
109.5
2010.3
229
2010.3
94.6
2011.3
297
2011.3
101.0
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StayAheadTM
02
SAMSUNG ASSET MANAGEMENT FY2010Annual Report
Emerging as a globally-competitive asset
management company in Asia
Samsung Asset Management has long been at
forefront of the Korean asset management industry. W
renaming the company in 2010, the focus for its vision became the transformation into a Top-Class A
Management Company in Asia by 2015. To that
smart, creative innovation is occurring in every area
business operations, from fund management and pro
development to marketing activities. Its stable, st
investment performance will solidify its asset manage
leadership in the Korean market. At the same time
company will continue to build up the Hong Kong
Singapore branch offices competencies with an a
position itself as a leading global asset manage
company.
VISION 2015
VISION
Ranked best in the
asset management
business in Korea
Competitive
global marketing
infrastructure
Smart, creative
innovation in work
processes
2015 Top-Class
Asset ManagementCompany in Asia
2015 Top-ClassAssetManagement Company in Asia
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We will make a concerted
effort to become a Top-Class
Asian Asset ManagementCompany by 2015.
CEOs MESSAGE
StayAheadTM
04
SAMSUNG ASSET MANAGEMENT FY2010Annual Report
Respected Shareholders and Customers!
I would like to deliver my heartfelt gratitude for your unwavering
trust and support for Samsung Asset Management.
In 2010, Korea successfully recovered from the global financial
crisis on the strength of a 6% economic growth rate buoyed
by robust exports, the most successful rebound among the
OECD countries. The better-than-expected earnings by Korean
companies propped up the Korean stock market, which closed
the year surpassing a monumental 2,000 point mark. The funds
market, however, suffered contraction prompted by the rise-
averse investor sentiment in the aftermath of the financial crisis.
As a result, the industrys assets under management (AUM) size
declined by KRW 17 trillion, from KRW 332 trillion in December of
2009 to KRW 315 trillion in December of 2010. The total amount
in equity funds shrank 20% during 2010, from KRW 126 trillion in
2009 down to KRW 101 trillion.
As a consequence, the entire industry suffered from diminishing
AUM and profits over the year. Undaunted by adverse
circumstances and in pursuit of new markets, Samsung Asset
Management engaged in active product development and
marketing activities. Accordingly, operating income grew by KRW
7.1 billion (USD 6.4 million) on the previous year, to KRW 111.5
billion (USD 100.7 million). Net income posted a 20% year-on-
year growth to reach KRW 26.1 billion (USD 23.6 million), proving
the companys sound revenue structure and market strength. In
addition to these considerable financial achievements, we were
named the Korean Asset Manager of the Year by the investment
magazine Asian Investor, reaffirming our unmatched brand
capabilities, as Koreas leading asset management company.
Although the global economy has recovered, there are still
lingering market uncertainties due to the financial instability
in the European economies, sluggish real estate markets, and
growing concern over a possible rise in interest rates. In 2011,these uncertainties are projected to affect the funds market.
The competition in the financial market is predicted to intensify
with asset management agencies jumping in with an alternative
product, advisory wrap accounts.
In order to realize its mid-term goal desp
market environment, Samsung Asset Man
management policy for 2011 to preparin
growth platforms through enhanced equity
line with this goal, we set the following strate
First, Samsung Asset Management will
company-wide to reinforce its competitivene
business. We will focus on keeping the inve
of all investment divisions within the top
peers, while raising our equity fund market s
Second, we will reinforce our overseas op
up marketing campaigns aimed at prominen
as sovereign wealth funds and public fun
reinforcing the infrastructure of our overse
recruiting and retaining local talent.
Third, we plan to mount differentiated ma
the distribution channels. By increasing the
products, customized to the needs of each
we will boost mutual cooperation thereby i
AUM.
Finally, we will further enhance managemen
in unnecessary spending, we will focus on im
Based on these strategies, every employee
Management will make a concerted effort
goal of becoming an unmatched leader
management market. I humbly ask for you
and encouragement as we endeavor toward
Thank you.
President
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StayAheadTM
08
SAMSUNG ASSET MANAGEMENT FY2010Annual Report
Beyond the Financial Industry Bou
2015 Top-Class Asset MCompany in Asia
In addition to the overseas branch offic
Singapore (established in 2007 and20
Management further reinforced its glowhen it signed a memorandum of und
form a joint venture asset managemen
Moreover, the company was named
for several sovereign wealth funds
Korea Investment Corporation, and t
Corporation, as well as the Nomura
Nikko Securities. These names at
recognition of Samsung Asset Man
long-term performance. In the years
Asset Management will continue wo
global network and marketing compe
to become a leading asset manageme
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Exceeding customer expectation
AUM Surpassing USD 90 billion
As of March 2011, the total assets under management
(AUM) of Samsung Asset Management exceeded KRW
100 trillion (USD 90 billion), reaffirming market leadership
in the Korean asset management industry. Industry-leading research capabilities, scientific investment system,
preemptive risk management, backed by differentiated
product portfolios and competent financial experts, enable
Samsung Asset Management to flexibly respond to the
fluctuations in the financial markets. Koreas Best is a
slogan that reflects the excellence it has achieved in both
business and services. While continuing to recruit globally
competent financial experts, the organization was realigned
to strengthen the equity investment business in 2011.
StayAheadTM
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StayAheadTM
12
SAMSUNG ASSET MANAGEMENT FY2010Annual Report
Maximizing network synergies
Towards Challenging Asthe Strengths of the SamsGroup
In 2011, Samsung Asset Management
in its history. By the end of August, the
into the Samsung Groups office build
the heart of Seouls economic and f
the relocation, the company will be ab
of the synergies within the Samsung
Sharing the same building with other
of the group such as Samsung Life
Securities, and Samsung Fire & M
well as Samsung Card, the compan
more business opportunities. This m
determination and new look will be a s
company to take a big leap forward to
3 asset management company by 202
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StayAheadTM
14
SAMSUNG ASSET MANAGEMENT FY2010Annual Report
REVIEW OFOPERATION
Samsung Asset Management carried out a reorganization in March 2011. The integration of the equity,
ETF, Quant and Strategy teams in the investment division into the Equity Investment Division further
strengthened the companys competencies in both asset management and global operations. The new
organization is expected to realize stable rates of return, with improved portfolio management and
cross-selling competencies. As one of the leading global asset management companies, Samsung Asset
Management will always remain ahead of the competition in customer value creation and investment
performance.
GlobalInvestment
Division
EquityInvestment
Division
QuantitativeInvestment
Division
ETFInvestment
Division
Head of EquityInvestmentDivision
2015 Top-ClassAsset Management
Company in Asia
Equity Investment Division
Long-Term Equity Investment D
Strategy Management Division
Fixed Income Investment Divis
ETF Investment Division
Quantitative Investment Divisi
Global Investment Division
Overseas Branch Offices
Public & Pension Funds Investme
Real Estate Investment Division
Retirement Pension
Compliance
Customer Satisfaction
Social Contributions
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Equity Investment Division
Advanced system and processes realize a stable rate of returns.
The Equity Investment Division works towards active fund management for a stable rate
of returns with a focus on growth potential, stability in the market environments, and
differentiated investment ideas. With a wealth of experience and outstanding credentials,the fund managers on the Equity Portfolio Management 1, 2, and 3 teams together with
analysts at the Research Center carry out in-depth analysis and extensive discussions to
build optimal investment portfolios. The Research Center, staffed by researchers from all
fields, allows everyone at Samsung Asset Management to tap into Koreas best research
and experience.
In particular, the Equity Investment Division has established advanced decision-making
processes, which take a team approach to the investment decision-making process.
Under this process structure, the fund managers, analysts, and strategists contribute their
specialties to form synergies to generate top asset performances.
StayAheadTM
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SAMSUNG ASSET MANAGEMENT FY2010Annual Report
Long-Term Equity Investment Division
Systematic investment based on in-depth analysis and joint
management aims for stable profitability.
The Long-Term Equity Investment Division provides customized long-term investment
services to institutional investors. Leveraging its extensive research capabilities andthe outstanding personal competences of each researcher, the Division has a long track
record of outstanding performance.
The fund managers in the Division conduct due diligence on the companies they research,
and hold meetings with industrial experts to stay up to date to successfully navigate
volatile market trends. Through active research, they look for signs of change ahead of the
market, in order to develop original investment ideas. Based on its investment philosophy
and know-how, the Division is able to concentrate its resources to realize stable long-
term profitability, while distinguishing itself in the growing variable life insurance and
retirement pension fund markets.
Investment Expertise
Systematic Investment, Stable Performance
ProvenPerformance
Extensiveexperience
frommanagingseveral
institutional investors
assets
Industryleadingshort-and
long-termp erformance
Long-timeTeamwork
Tenyearsof team-workin
industry/company analysis,
modelportfolios,and
industriesof interest
Differential ResearchCompetencies
PortfolioManagerswho
takea morecomprehensive,
long-termapproachto
companyanalysisthan
analystsprovide
Team Process
MPi
Model Portfolio
Research Recommended
Samsung Investments Universe
Market Universe
Analysts
Fundamentals-driven, Research-driven, Bottom-up oriented,Team approach
PMs
IndividualInitiative
CIO
MP Committee,Team approach
Investment Philosophy
Active Fund Management for Stable, Profitable Return
Identify companies that promise stable income and growth but still lack market
recognition or a share price that fully reflects their potential Discover market
inefficiencies
Focus on Growth Potential and Stability as they relate
to the market environment and differentiated investment
ideas
InvestmentIdea
DifferenceEmbedded
Value
Market Value(Share Price)
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Fixed Income Investment DivisionStrategy Management Division
Investment Process
Provideaneconomicforecast
andinterestrateprediction
Analyzerelativevalueon yield
curve
Analyzerelativevalueon sector
andcredit
Developnewproductsand
strategies
Differentiate management
styleaccordingtothefund
characteristics
Discretional management
Tailormanagementstyleto
individualclientsriskprofile
Manager iskscientifically
Monitorand reviewperformance
Reflectfeedbackininvestment
strategy
Research Monitoring Feedback
PortfolioConstruction
A customized product line-up and active fund management designed to
satisfy the diverse needs of investors.
The Strategy Management Division established an investment system tailored to private
equity funds (PEF) and wraps for institutional and high net worth individual (HNWI) clients.Its active portfolio management seeks out stocks with high potential in order to generate
a stable rate of return.
While actively communicating with the companys Research Center and outside analysts,
the Divisions researchers carry out extensive company analysis and due diligence to
identify stocks with high growth potential in order to design optimal portfolios for higher
performance.
The Division strives to develop the best products, catering to the ever-expanding needs of
investors, so as to realize stable, long-term performance.
StayAheadTM
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SAMSUNG ASSET MANAGEMENT FY2010Annual Report
Investment Philosophy
Place priority on the analysis of factors affecting the development of interest rates over interest
rate forecasting.
Discover the loss factors in the fixed income market to realize profitable rates of return.
Extend the scope of the fixed income market.
Take a team approach based on specialized duties to realize outstanding performances.Investment Philosophy
Active portfolio management, identifying stocks with high growth
potential, for stable rates of return
Stocks with High Growth PotentialCompanies with high growth potential
to become market leaders
Groups of market-leading companies
with potential to increase their market
power
Stocks with Growth PotentialCompanies with growth potential as star
picks
Groups of companies with potential to
return to profitability thanks to market
developments or restructuring
Star Picks Super Star Picks
Non-StarPicks
Star Picks
Leading the market as a fixed income management specialist
The Fixed Income Investment Division is the largest-scale fixed income management
organization in Korea as it operates assets under management (AUM) of KRW 77.2
trillion. The investment philosophy is that teamwork based on specialized functions andextensive research can lead to informed investment decisions, which will realize industry-
leading performance. Under this philosophy, fund managers are assigned to one of the five
specialized research teamsDuration, Curve, Sector, Quant, and New Productto perform
specialized research and management of fixed incomes in their individual areas of expertise,
enabling Koreas largest dual system of research and management of fixed incomes.
Tapping the nations top in-house quantitative analysis capabilities in the field, the
Division tests and adopts diverse new financial econometrics techniques. In particular,
the in-house developed tools for the performance attribution analysis and quant trading
tools helped to solidify to the companys reputation as the market leader.
Such innovative efforts have led to the top rank in the Evaluation of Asset Management
Companies by the National Pension Service for a third year in a row. The Division is also
the only Korean manager of the Asian Bond Fund (ABF), launched by the Executives
Meeting of East Asia and Pacific Central Banks (EMEAP). The EMEAP included the Bank of
Korea, allowing members to invest in bonds issued by Asian sovereign issuers. The Fixed
Income Investment Division will continue working to extend its proud track record as a
world-class fixed income fund management group.
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Quantitative Investment
Division
ETF Investment Division
Oct. 2002 Listed KODEX 200 as the first ETF on the Korea Exchange
Sep. 2007 Started management consulting for the first Thai ETF, becoming the first Korean company tolend financial expertise abroad
Nov. 2007 Listed KODEX 200, the largest Korean ETF, on Tokyo Stock Exchange
Jul. 2009 Listed a KODEX Treasury Bond ETF, expanding the range of underlying assets to bonds
Sep. 2009 Listed KODEX Inverse on the market, the first ETF in Korea that pays investors the inverse
performance of the F-KOSPI 200
Feb. 2010 Listed KODEX Leverage, an ETF with a return that doubles the KOSPI 200 Index
Mar. 2011 Listed the commodity investment portfolios such as KODEX Copper Futures and KODEX
Bean Futures on the KRX (expanding the investment target for ETF to commodities)
Managing KRW 4 trillion (USD 3.6 billion) in 20 ETFs (as of Mar-end 2011)
Milestones
Offering the best product portfolio through optimal operation of Koreas
largest ETF
The ETF Investment Division develops and manages exchange-traded funds (ETFs) that
track domestic as well as overseas stock and bond indices. Its first product was theSamsung KODEX200, which was listed on the Korea Stock Exchange in 2002. Designed
to track index return rates on its underlying assets including banks, semiconductor
manufacturers and automobile businesses, the KODEX ETF offers various investment
vehicles that allow investors to easily and efficiently build an optimal portfolio to meet
their investment needs.
The Division was also the first Korean financial institution to lend its financial expertise
abroad in September of 2007, when it provided consulting services for the overall
management of Thailands first ETF. In November 2007, the Samsung KODEX200,
the largest Korean ETF, was listed on the Tokyo Stock Exchange (TSE). In addition, the
KODEX Leverage and KODEX Inverse ETFs were listed, a first for the industry, earning
the company a reputation as the pioneer of the ETF market.
Surging ahead as a leading quantitative investor through financial
engineering
The Quantitative Investment Division was established in 2010 with a management
philosophy of scientific investment. The scientific investment methodology matches themost efficient investment vehicles that fit the individual investment propensities and
purposes of its clients. In 2010, the introduction of the Smart Plan Fund led the new
smart investment trend in the asset management market. In 2011, the Division also
launched the Smart Plan Silver Fund for efficient retirement life planning.
The Quantitative Investment Division will capitalize on its world-class quantitative analysis
capabilities to develop robust investment strategies for the scientific management of its
clients wealth through world-class management techniques.
StayAheadTM
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SAMSUNG ASSET MANAGEMENT FY2010Annual Report
ETF Investment Teams
ETFInvestment 1
ETFInvestment 2
TheETFInvestment1Team developsand managesETFsthattrackdomesticand
overseas stocksand otherindices. Havingstartedwith anindustry-firstlisting
ofKODEX200 totheKRXin Octoberof2002,theTeamnowoperatesatotalof
14ETFswithAUMofKRW3trillion(USD2.7billion)asoftheendofMarch2011.
The ETF Investment 2 Team develops and manages the derivatives-based
ETFs that invest in exchange-traded derivatives (futures, options, etc.) and
over-the-counter (OTC) derivatives (swaps, etc.). It was the first in Korea to list
the Leverage ETF and the KODEX Gold Futures ETF on the KRX.
Consists of three teams: Index
Investment, Quantitative
Investment, and Structured
Products Investment
Structured to cover the entire
risk-return spectrum, from
index funds and active quant
to innovative new products
Provides a total solution for
portfolio design, derivatives
utilization, and risk
management
Division Structure
Management Philosophy of Quantitative and Index Investment Teams
Realize stable profitable returns based on quantitative
approaches
RiskManagement
QuantApproach
TeamApproach
Advanced investment
decision-making
processes that combine
multidisciplinary expertise
First to adopt in the industry,
now firmly in place
Investment based on the
best quantitative research
organization in the nation
Steady profitable return
realized by sophisticated
quantitative approach
Division culture that gives
higher priority to risk
management than rates of
return
Pre-, mid-, and post-
investment risk monitoring
and management
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Overseas Branch Offices
Building up global competencies through business expansion into the
Asian asset management market
Samsung Asset Management established branches in Hong Kong and Singapore in
November 2007 and April 2008, respectively, to secure strategic points in the Asianfinancial markets.
The company is expanding its investments in China and India, which are anticipated
to emerge as the growth engines of the global economy for the coming 50 years. After
achieving the Qualified Foreign Institutional Investor Status (QFII) from the Chinese
authorities, Koreas largest China Mainland A-Stock Fund was launched twice, in
February of 2009 and October of 2010. In 2011, Samsung Asset Management entered into
an MOU for a joint venture with the Xiancai Securities, in preparation to advance into the
worlds largest market. The successful funds that the Division introduced include: the India
Fund in August of 2009 and the Asia Leaders Fund, which invests in blue-chip stocks in 10
Asian countries in October of 2009. As of the end of 2010, the Division holds a total AUM
of KRW 2 trillion.
Meanwhile, the overseas branch offices in Hong Kong and Singapore bolstered their
marketing competencies to promote in-bound business (attracting foreign investors to
Korean funds) as well as to conduct local-to-local business (managing local investors
wealth at the local level). Taking advantage of its outstanding performance over the past
three years, it has successfully attracted several global institutional investors includingthe Korea sovereign funds. Such impressive track records served to make the company
one of the leading global asset management companies in Asia.
Global Investment Division
Reinforcing the management competencies of offshore funds through
synergies with overseas branch offices
The Global Investment Division utilizes its accumulated experience in offshore funds
management to build up its capabilities in the management of global funds andinvestment styles. In 2002, the Division was the first in Korea to introduce funds of hedge
funds. Serving as the Korean manager for several sovereign funds and theme equity
funds, it has led the globalization of the Korean asset management market. For instance,
its advanced management capabilities and stability was globally recognized when it was
selected as the Korean manager of the Asian fund Nomura Asset Management in 2009
and the Nikko Fund in 2010. In 2011, the Division was also named the Korean manager of
the China Investment Corporation (CIC), one of the worlds five largest sovereign funds,
cementing its name as a world-class asset management company.
The Global Investment Division will collaborate closely with the Hong Kong and Singapore
branches to develop and provide new investment vehicles such as the Asia Absolute
Return Fund and All Asset Fund through aggressive overseas marketing activities. It is
also about to set up a joint venture in China, further expanding its global operations.
StayAheadTM
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SAMSUNG ASSET MANAGEMENT FY2010Annual Report
Sep. 2009
Selected to be the Korean manager of the Asia Funds for Nomura Asset Management
Nov.2010
Selected to be the Korean manager for Nikko Funds
Mar. 2011
Selected to be the Korean manager for China Investment Corporation (CIC)
Major Achievements
Milestones
2002
Launched fund of hedge funds and offshore fund of funds, enabling domestic investors to invest
in offshore funds
2006
Launched N-Japan Fund, Southeast Asia Fund, and Latin America Fund through local asset
management companies (satisfying the domestic needs for direct investment in overseas stocks)
2007
Launched and managed the Global Water Fund and Alternative Energy Fund (enhancing the
management capabilities of theme funds related to ecological and energy issues)
2008Initiated direct management of funds such as China 2.0, China 2.0 Mainland, India 2.0, and GB
Southeast Asia through overseas branch offices
2011
Plans to launch the Asia Absolute Return Fund that invests in Korean and Asian stocks, fixed
incomes, ETFs, and exchange-traded derivatives and the All Asset Fund that aims at excess return
through diversified portfolio management
Hong Kong Branch Office
Nov.2007
Established
June 2008
Launched the Samsung China Fund
Feb. 2009
Launched the Samsung China 2.0 Mainland
Fund
Oct. 2010
Launched the Samsung China Mainland
Leaders Fund
Singapore Branch Office
Apr. 2008
Established
Aug. 2009
Launched the Samsung India Fund
Oct. 2009
Launched the Samsung Asia Leaders Fund
Feb. 2010
Launched the Samsung ASEAN Fund
Aug. 2010
Launched the Samsung Indonesia Dynamic
Fund
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Public & Pension Funds Investment
Division
Real Estate Investment
Division
Koreas top real estate experts contribute their specialties to successful
real estate investments.
The Real Estate Investment Division boasts the nations best expertise in real estate
investment and management. Based on the t hree core strategies of taking advantageouspositions in potential markets, enhancing the value of investment assets and generating
stable cash flows, the Division applies multi-faceted efforts to realize a stable stream of
profitable return on its clients assets. The Division has real estate experts with extensive
expertise in the acquisition, development, leasing, management, and sales of office
buildings, residential properties, hospitals, retirement homes, and logistics facilities.
In the future, the Division plans to further expand its competencies in the inbound
investment (attracting foreign investors to Korean real estate investments) and outbound
investments (attracting domestic investors to overseas real estate investments).
StayAheadTM
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SAMSUNG ASSET MANAGEMENT FY2010Annual Report
Investment Philosophy
Realize stable profitable returns on the public and pension
funds through systematic risk management and fund of funds
management that reflect the individual needs of clients
Fund of FundsInvestmentPrinciples
RiskManagement
Reflectionof customerneeds
Fund management that caters
to the individual needs of
clients
Pre-, mid-, and post-
investment comprehensive
risk monitoring and
management system
Minimize risks through
diversified portfolio investing
in high-performance funds
Investment Process
Define strategy
Managementphilosophy
Mid-andlong-term
strategy
Deal Sourcing/Funding
Targetrealestateanalysis
Qualification assessment
Funding
Fundsestabl ishment/Registration
Operating/Exit
Operatingstrategyperfund
Monthlyriskmonitoring
Performance review
Exittimingdecision
Investment Process
Fund A Fund B Fund C Fund DInvestment PoolManagement Council
Lead Manager
Manager
Fund
Management
Agencies
Custodian
Administrator
Evaluator
Public Funds Investment PoolIntegrated Fund
A B C D E F G
The fund of funds that realize stable long-term excess returns by assigning
capital to the optimal distribution plan based on the qualitative and quantitative
analysis of each asset management company, selected through due diligence
Nineequityfundmanagementcompanies,15fixedincomemanagementcompanies,sixMMF management
companies(asof March2011)
Investment Principles
1
2
3
4
5
Avoid short-sighted decision-making swayed by current market conditions, determine
the mid- and long-term intrinsic value of a property.
Make forward-looking decisions based on scientific analysis of information and market
cycles.
Set up a resale strategy in consideration of the inherent liquidity risk in real estate.
Seek opinions from professionals in different fields, to develop diverse investment
opportunities.
Uphold the highest legal and ethical standards to fulfill corporate social responsibility.
Advanced investment and risk management techniques enhanced the
investment returns for pension funds and public funds.
The Public & Pension Funds Investment Division has expertly managed the Investment
Pool for Public Funds for stable profitability since 2001. Under the investment philosophyof realizing stable rates of return on the public and pension funds, it has maintained
exceptional performance, surpassing the benchmark set for it. Notably, it was chosen as
the lead manager of the Investment Pool for Public Funds for the third consecutive year in
2009, proving its stable and efficient investment and management competencies for the
past decade.
The Division will continue to develop and provide new products tailored to the specific
needs of public and pension funds and providing consulting and training services to
them as a solution provider. As a fiduciary manager for the stable long-term growth
and development of the Investment Pool for Public Funds, it will serve as an investment
manager, to realize stable rates of return.
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Retirement Pension Compliance
The industrys best compliance audit organization operates a strict
compliance monitoring system.
Client trust and confidence is the basis of the companys business. Operating compliance
supervisory system began well before such monitoring became mandatory. In order toencourage a self-regulated corporate culture, the control self-assessment system, to
assist employees with regular self-checks of their compliance with legal and the internal
control standards was adopted.
In addition, systematic monitoring systems to all potential risks associated with each
stage from initial planning to the final launch, through to the management of each product
are applied. Strict controls and a comprehensive monitoring system also prevent the
provision of misleading information to the client. In the process of investing and managing
clients asset portfolios, a three-step monitoring system, encompassing the pre-, real-
time, and post-investment to prevent violations of bylaws, fiduciary duties or internal
guidelines is applied.
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SAMSUNG ASSET MANAGEMENT FY2010Annual Report
Prepared for the emerging retirement pension market to secure
investors retirement
For several years, Samsung Asset Management has been exhaustively preparing to enter
the retirement pension fund market, and is ready to grow as the leader of this fast-growingmarket. With advanced techniques to develop products to secure the retirement life of
its clients and designed to allow differentiated customer service, the company will soon
hold the reputation as Koreas top asset management company in the retirement pension
fund market. In order to diversify the DC-concentrated market structure, the company
cooperated with major sales companies to help clients redesign their portfolio, and
provide them with wealth management training. As for the corporate clients who chose
the DB plan, the company offered to craft their portfolios with structured, low volatility
products.
Committed to a secure retirement life for its clients through successful management of
their pension funds, Samsung Asset Management will continue to develop and provide
innovative products and services based on solid client and market research, as well as
through sustained client communication.
Publications
Vol. 1
Prepare a Rosy Retirement
Guidelines on preparing for a
happy and wealthy retirement
life
Vol. 3
Demeters Wise Choice
Basic principles of economics
and financial industry for
your kids
Vol. 5
Now is the Best Timing for
Life Cycle Financial Planning
The faster you start, the more
affluent your life will become
Vol. 2
Wealth Management for
Prepared Retirement
A to Z guide from fund
investment experts
Vol. 4
Get Ready for Thirty Post-
Retirement Years
An economists solution for
life beginning at 60
Compliance Supervision
Establishinginternalcontrol
practices
Managinglegalrisks and
operationalrisks
Integratingcompliancepracticesinto businessactivities
Realizingtransparentcorporateculture
Completing a self-regulated
internal control system
Preview, consultation,
and establishment of all
work process for efficient
management of legal andoperational risks
Review of compliance
issues at each business
level and trouble-shooting
support, control, and
management
Prepare a code of ethics to
promote the employees
awareness of a transparent
corporate culture
Internal Control System
Firmdeterminationofthe topmanagementtowards
transparentcorporatecultureandinternalcontrol
system
Theindustry-topinfrastructureandhuman
resourcesforinternalcontrolsystems
Information & Communication
Producingreportsbasedon timely
informationcollectionandresearch
activities
Establishinga systematic
communicationalchanneltoprovide
stakeholdersinformation
Self-checking and Monitoring
ControlSelf-AssessmentSystem
forindividual-andteam-levelself-
monitoring
Industry-leadingasset
managementmonitoringsystemfor
comprehensivereviewofinvestment
activities
Segmentingtheriskmanagementorganizationby
risktypeandcomprehensivemanagementofrisks
throughacompany-wideriskcontrolsystem
Linkingcompensationschemeswiththerisk
assessmentresultsandperformanceevaluations
Working-level Organization
Efficientcontrolthroughseparating
legalcompliance,RM,andaudit
functions
Maximizingworkefficiency
throughclosecollaborationamong
departmentsrelatedtointernal
controlsystem
E nv ir on me nt & C ul tu re R is k M an ag em en t & Ev al ua ti on
Internal Control System
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Customer SatDifferentiated Services Realizes
Customer Satisfaction
All business activities at Samsung Asset Managemen
commitment to customer value. Customer needs are cons
and reflected to satisfy customers beyond their expectati
Investment Briefing with Music
Departing from the formal, conventional format of investment
Asset Management briefs clients on its performances with class
by first-class performers. The Investment Briefing with Classica
held every two months, since March of 2010. The first part pre
outlook and investment information, followed by classical mu
class musicians. This unique combination of information and ar
appeals to clients aesthetic taste, as well as their need for useful
Reader-Friendly Fund Management Reports
Fund management reports contain essential information for clie
they are notoriously full of financial jargon, which clients can find h
as laymen to the industry. Therefore, Samsung Asset Manageme
new guidelines for the language used in the management reportclient, a first in the industry, making it easier for readers to under
Services for Children
Children are also clients, and will grow into future clients. Theref
of services for the kids is offered, especially for the Samsung K
group of families, selected by lottery, among the Samsung Kid
invited to Family English Camp programs, where they can have a
games and participating in recreation activities in English. T
Classical Concert comes with commentary and gives children t
play musical instruments.
The Samsung Kids Volunteer Corps offers children the chance to vo
help the underprivileged. The blog, Samsung Kids Play & Study (k
com), offers various educational and entertainment content exclus
as essay-writing, Chinese Characters, English learning, economi
and animations, as well as useful information for parents about w
and fund investment.
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SAMSUNG ASSET MANAGEMENT FY2010Annual Report
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Samsung Asset Management practices diverse soci
programs, such as sponsoring children and juvenile
extending a helping hand to family farms. A responsible c
the company is dedicated to building a happier and brigh
Sharing Minds
Samsung Asset Management sponsors children and juvenile chari
as its representative social contribution programs. Having enter
with orphanages, afterschool programs, and charities for kids
flower gardens at orphanages, attend charity events, make kimch
go on picnics with children. Every June and October, employee fam
villages to lend a helping hand with the farming. Other activities in
and charity funding events.
Caring Minds
Employees are encouraged to practice social contribution activ
lives, to weave social contribution into corporate culture. Every
monthly donations to charity funding and volunteers for various sprograms. In 2010, the employees collectively spent 3,612 hours in
activities, 18 hours per person. We remain committed to buildin
through various social contribution activities.
Social ConEnvisioning a Better World
for Everyone
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SAMSUNG ASSET MANAGEMENT FY2010Annual Report
No. of Participants & Participation Rate
2000
25
22.7%
2001
26
21.7%
2002
28
21.5%
2003
62
44.3%
2004
149
96.1%
2005
151
97.4%
2006
158
98.8%
2007
204
96.2
200
20
91.3ParticipationRate
No.ofParticipants
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FINANCIAL STATEMENTS
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SAMSUNG ASSET MANAGEMENT FY2010Annual Report
Samsung Asset Management practices transparent
management with integrity, and is committed to
enhancing customer value.
Independent Auditors Report
Internal Accounting Control Sy
Review Report
Statements of Financial Positio
Statements of Income
Statements of Appropriations
Retained Earnings
Statements of Cash Flows
2015 Top-ClassAsset Management
Company in Asia
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INDEPENDENTAUDITORS REPORTEnglish Translation of a Report Originally Issued in Korean
INTERNAL ACCOUNTING CONTROL SYSTEM REVIEEnglish Translation of a Report Origin
To the Shareholders and Board of Directors of
Samsung Asset Management Co., Ltd.:
We have audited the accompanying statements of financial position of Samsung Asset Management Co., Ltd. (the Company) as of
March 31, 2011 and 2010, and the related statements of income, appropriations of retained earnings, changes in shareholders equity and
cash flows for the years then ended, all expressed in Korean won. These financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the Republic of Korea. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as
of March 31, 2011 and 2010, and the results of its operations, changes in its retained earnings and its shareholders equity, and its cash
flows for the years then ended in conformity with accounting principles generally accepted in the Republic of Korea (see Note 2).
Accounting principles and auditing standards and their application in practice vary among countries. The accompanying financial
statements are not intended to present the financial position, results of operations, changes in shareholders equity and cash flows in
accordance with accounting principles and practices generally accepted in countries other than the Republic of Korea. In addition, the
procedures and practices utilized in the Republic of Korea to audit such financial statements may differ from those generally accepted
and applied in other countries. Accordingly, this report and the accompanying financial statements are for use by those knowledgeable
about Korean accounting procedures and auditing standards and their application in practice.
Deloitte Anjin LLC
May20, 2011
To the Chief Executive Officer of
Samsung Asset Management Co., Ltd.:
We have reviewed the report of managements assessment of internal accounting control system (IACS) of Samsung A
Co., Ltd. (the Company), as of March 31, 2011. In accordance with Article 2-2 of the Act on External Audit for Sto
External Audit Law) of the Republic of Korea, the Companys management is responsible for assessing the design an
IACS. Our responsibility is to review managements assessment and issue a report based on our review. The Comp
stated in the managements report that based on the assessment of the IACS as of March 31, 2011, the Company
appropriately designed and is operating effectively as of March 31, 2011, in all material aspects, in accordance with th
We conducted our review in accordance with the IACS Review Standards. Those standards require that we plan and
the objective of which is to obtain a lower level of assurance than an audit, of the managements report in all material
includes obtaining an understanding of the Companys IACS and making inquiries regarding the managements report a
necessary, performing a limited inspection of underlying documents and other limited procedures. With the Comp
unlisted mid-sized company, the IACS management report regarding the operating effectiveness of the IACS can be
strict manner in accordance with Chapter 5 of the IACS Framework - Applications to Mid-sized Companies. Therefore, w
the review in accordance with the IACS Review Standards No. 14 - Review of Mid-sized Companies.
The Companys IACS represents internal accounting policies and a system to manage and operate such policies to p
assurance regarding the reliability of financial statements prepared, in accordance with accounting principles genera
Republic of Korea, for the purpose of preparing and disclosing reliable accounting information. Because of its inhere
may not prevent or detect a material misstatement of the financial statements. Also, projections of any evaluation
IACS to future periods are subject to the risk that controls may become inadequate because of changes in conditions
of compliance with the policies or procedures may deteriorate.
Based on our review, no material weakness in the design or operations of the Companys IACS under Chapter 5 of the
Applications to Mid-sized Companies has come to our attention.
This report applies to the Companys IACS in existence as of March 31, 2011. We did not review the Companys IACS su
31, 2011. This report has been prepared for Korean regulatory purposes, pursuant to the External Audit Law, and may
for other purposes or for other users.
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SAMSUNG ASSET MANAGEMENT FY2010Annual Report
Thisreportis effectiveas ofMay 20,2011,theauditorsreportdate. Certainsubsequenteventsorcircumstancesmayhaveoccurredbetweentheauditorsreportdateandthe
timetheauditorsreportisread. Sucheventsorcircumstancescouldsignificantlyaffectthe accompanyingfinancialstatementsandmayresultinmodificationsto theauditors
report.
This report is annexed in relation to the audit of the financial statements as of March 31, 2011, and the review of internal accounting contro
Article 2-3 of the Act on External Audit for Stock Companies of the Republic of Korea.
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SAMSUNG ASSET MANAGEMENT FY2010Annual Report
ASSETS
CASH AND DEPOSITS
SECURITIES
LOAN RECEIVABLES
TANGIBLE ASSETS
Vehicles
Computer equipment
Furniture and equipment
Leasehold improvements
Less: Accumulated depreciation
Total tangible assets
OTHER ASSETS
Accounts receivable-other
Accrued income
Advance payments
Prepaid expenses
Guarantee deposits
Intangible assets
Deferred income tax assets
Others
Total other assets
TOTAL ASSETS
LIABILITIES AND SHAREHOLDERS EQUITY
DEPOSITORY LIABILITIES
Customers deposits for beneficiary
Total depository liabilities
OTHER LIABILITIES
Accounts payable-other
Accrued expenses
Income tax payable
Withholdings
Accrued severance benefits
Deferred income tax liabilities
Total other liabilities
Total liabilities
SHAREHOLDERS EQUITY
Capital stock
Capital surplus
Accumulated other comprehensive income
Retained earnings
Total shareholders equity
Total liabilities and shareholders equity
OPERATING REVENUES
Operating fees
Management fees on wrap account and
asset management
Interest income
Gain on foreign currency
OPERATING EXPENSES
Commission expense
Loss on securities
Interest expenses
Loss on foreign currency
General and administrative expenses
Other operating expenses
OPERATING INCOME
NON-OPERATING INCOME (EXPENSES)
Loss on disposal of tangible assets, net
Gain on disposal of other assets, net
Investment gain on retirement pension
plan asset
Loss on valuation of investment securities
accounted for using the equity method
Donations
Other, net
INCOME BEFORE INCOME TAX
INCOME TAX EXPENSE
NET INCOME
EARNINGS PER SHARE
$ 134,206,958
27,634,428
4,358,869
402,081
2,061,847
2,439,621
2,856,670
7,760,219
(5,792,149)
1,968,070
126,078
17,099,684
247,793
2,970,476
16,843,176
1,155,416
146,969
2,258
38,591,850
$ 206,760,175
$ 37,490,926
37,490,926
167,873
3,723,404
4,085,865
910,000
1,167,903
10,055,045
47,545,971
84,384,032
34,711
2,302,442
72,493,019
159,214,204
$ 206,760,175
$ 194,302,939
31,968,649
4,537,741
680,929
1,907,690
2,490,656
2,912,130
7,991,405
(6,312,376)
1,679,029
11,912
20,235,536
2,287,648
12,368,634
1,193,860
2,257
36,099,847
$ 268,588,205
$ 90,933,635
90,933,635
179,194
4,528,288
4,795,455
901,556
1,344,010
65,424
11,813,927
102,747,562
84,384,032
34,711
2,253,265
79,168,635
165,840,643
$ 268,588,205
$ 70,551,842
23,265,317
6,825,971
101,097
100,744,227
7,471,549
2,258,288
55,061
57,375,716
26,678
67,187,292
33,556,935
12,961
105,805
205,998
(2,014,072)
(210,630)
619,444
(1,280,494)
32,276,441
8,724,019
$ 23,552,422
$ 1.26
\ 148,593,944
30,596,839
4,826,140
445,184
2,282,877
2,701,148
3,162,905
8,592,114
(6,413,067)
2,179,047
139,594
18,932,770
274,356
3,288,911
18,648,764
1,279,277
162,724
2,500
42,728,896
\ 228,924,866
\ 41,509,953
41,509,953
185,869
4,122,553
4,523,870
1,007,552
1,293,102
11,132,946
52,642,899
93,430,000
38,432
2,549,264
80,264,271
176,281,967
\ 228,924,866
\ 75,163,871
22,057,494
7,012,437
176,215
104,410,017
8,783,340
545
1,404,260
21,699
59,931,624
11,117
70,152,585
34,257,432
(8,989)
267,097
(3,061,727)
(206,700)
34,511
(2,975,808)
31,281,624
9,549,239
\ 21,732,385
\ 1,163
\ 215,132,215
35,395,688
5,024,187
753,925
2,112,194
2,757,654
3,224,310
8,848,083
(6,989,063)
1,859,020
13,189
22,404,786
2,532,884
13,694,550
1,321,842
2,500
39,969,751
\ 297,380,861
\ 100,681,721
100,681,721
198,404
5,013,720
5,309,528
998,203
1,488,088
72,437
13,080,380
113,762,101
93,430,000
38,432
2,494,815
87,655,513
183,618,760
\ 297,380,861
\ 78,114,999
25,759,359
7,557,715
111,935
111,544,008
8,272,499
2,500,377
60,964
63,526,393
29,538
74,389,771
37,154,237
14,350
117,147
228,081
(2,229,981)
(233,210)
685,852
(1,417,761)
35,736,476
9,659,234
\ 26,077,242
\ 1,396
Korean won (Inthousands)2011 2010
Translation into U. S. Dollar2011 2010
STATEMENTS OFFINANCIAL POSITIONAs of march 31, 2011 and 2010
STATEMENTS For the years ended marc
Korean won (Inthousandsexceptpershareamounts)2011 2010
Translation into U2011
The exchange rate as of March 31, 2011: 1107.20won per dollar
The exchange rate as of March 31, 2011: 1107.20won per dollar
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STATEMENTS OFCAFor the years ended marc
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SAMSUNG ASSET MANAGEMENT FY2010Annual Report
CASH FLOWS FROM OPERATING ACTIVITIES:
CASH FLOWS FROM INVESTING ACTIVITIES:
CASH FLOWS FROM FINANCING ACTIVITIES:
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS, END OF YEAR
RETAINED EARNINGS BEFORE
APPROPRIATIONS:
Unappropriated retained earnings
carried over from prior years
Net income
APPROPRIATIONS:
Legal reserve
Dividends
Voluntary reserve
UNAPPROPRIATED RETAINED EARNINGS
TO BE CARRIED FORWARD TO
SUBSEQUENT YEAR
$ 3,817
19,628,238
19,632,055
1,687,681
16,876,806
1,065,751
19,630,238
$ 1,817
16,828,425
(3,233,318)
(16,876,806)
(3,281,699)
14,518,597
$ 11,236,898
$ 1,817
23,552,422
23,554,239
1,687,681
16,876,806
4,985,549
23,550,036
$ 4,203
40,664,308
(12,416,993)
(18,686,000)
9,561,315
6,513,676
\ 16,074,991
\ 4,226
21,732,385
21,736,611
1,868,600
18,686,000
1,180,000
21,734,600
\ 2,011
18,632,432
(3,579,929)
(18,686,000)
(3,633,497)
16,074,991
\ 12,441,494
\ 2,011
26,077,242
26,079,253
1,868,600
18,686,000
5,520,000
26,074,600
\ 4,653
Korean won (Inthousands)2011 2010
Translation into U. S. Dollar2011 2010
Korean won (Inthousands)2011 2010
Translation into U2011
STATEMENTS OFAPPROPRIATIONS OF RETAINED EARNINGSFor the years ended march 31, 2011 and 2010
The exchange rate as of March 31, 2011: 1107.20won per dollar
The exchange rate as of March 31, 2011: 1107.20won per dollar
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ORGANIZATION
FINANCIALNETWORK
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SAMSUNG ASSET MANAGEMENT
Samsung Asset Management promises to li
the trust and expectations placed on it with
class competencies.
Marketing Management
Product Development
Marketing Communication
Public Relations
Channel Sales 1
Channel Sales 2
Pension Consulting
Channel Sales 3
Channel Sales 4
Channel Sales 5
Institutional Sales1
Institutional Sales2
Institutional Sales3
Real Estate Investment 1
Real Estate Investment 2
Real Estate PortfolioManagement
Global Sales
Boardof
Directors
Public&PensionFundsInvestment
DivisionInvestment Pool
Planning
Investment PoolManagement
Long-TermEquityInvestment
Long-Term EquityInvestment 1
Long-Term EquityInvestment 2
BusinessSu pport
Risk Management
Human Resources
Business Administration
Fund Accounting
Information Strategy
Compliance
Compliance & Legal
President& CEO
BODSecretariat
RM
Committee
InvestmentStrategyTeam
Trading & InvestmentSupport
Research Center
EquityPortfolioManagement 1
EquityPortfolioManagement 2
EquityPortfolioManagement 3
Strategy Management
Quantitative Investment
Index Investment
Structured ProductsInvestment
QuantitativeInvestment
ETF Investment 1
ETF Investment 2
ETF Investment
Global InvestmentManagement
Global Investment
GlobalInvestment
EquityInvestment
Division
Fixed Income PortfolioManagement 1
Fixed Income PortfolioManagement 2
Fixed Income PortfolioManagement 3
Fixed Income PortfolioManagement 4
FixedIncomeInvestment
Fixed Income Strategy
Credit Research
Long-Term Fixed IncomeInvestment
Separate Account
LTFixedIncomeInvestment
FixedIncomeInvestment
Division
RealEstateInvestment
RealEstate
InvestmentDivision
MarketingStra tegy
RetailChannelSales1
RetailChannelSales2
Institutional Sales
GlobalSales
MarketingDivision
AuditTeam
Corporate
AuditorCommittee
HongKongOffice
SingaporeOffice
OverseasBranch
Office