Samsung Securities Co., Ltd. () is a South Korean

financial services Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...

company headquartered in

Seoul Seoul, officially Seoul Special Metropolitan City, is the capital city, capital and largest city of South Korea. The broader Seoul Metropolitan Area, encompassing Seoul, Gyeonggi Province and Incheon, emerged as the world's List of cities b ...

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and t ...

, and a subsidiary of Samsung Group. It is one of the largest

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

companies in Korea.

History

On 19 October 1982, Hanil Investment & Finance was established. In 1988, the company was publicly listed on the Korea Exchange. In 1991, the company changed its name to Kookje Securities. In 1992, the company was incorporated into the Samsung Group and was rebranded to Samsung Securities. In 1996, the company attempted to set up a joint venture with J.P. Morgan & Co. to sell

mutual fund A mutual fund is an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in ...

s in Korea but by 1997, the venture failed. In 1998, the company was the first to sell mutual funds in Korea. In 2000, the company merged with Samsung Investment Trust. In 2014, the company's ownership of Samsung Asset Management was transferred to Samsung Life Insurance. In 2018, the company set up a team specializing in analysing investments related to North Korea, the first in the industry to do so according to a statement issued. The company has signed partnerships with various companies. These include Rothschild & Co (2008), Neuberger Berman (2014), KGI Securities (2016) and Societe Generale (2018). The company has opened offices overseas. These include London (1996), New York (1998) and Hong Kong (2001).

2018 Samsung fat-finger error

On 8 April 2018, an employee of Samsung Securities mistakenly distributed shares worth US$100 billion to employees. The error happened when the company tried to pay a

dividend A dividend is a distribution of profits by a corporation to its shareholders, after which the stock exchange decreases the price of the stock by the dividend to remove volatility. The market has no control over the stock price on open on the ex ...

to about 2,000 employees who participated in the company stock ownership plan. The intent was to give each of those employees 1,000 South Korean won, worth about US$1, but instead issued 2.8 billion shares. These shares were worth about 112.6 trillion won, or 30 times the market capitalization of the company. The error caused the price of the company's stock to drop by 11 percent within a day and to fluctuate after that. By 7 May 2018, the company stated that it would file criminal lawsuits against employees who sold their shares during the fat finger incident.

References

External links

* {{KOSPI 200

Securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

Companies based in Seoul Financial services companies established in 1982 Companies listed on the Korea Exchange Companies in the KOSPI 200 South Korean brands South Korean companies established in 1982 Investment banks of South Korea