미국금융투자업영위채널 ( 업권 ) 별현황조사 2017 년 1 월 기획조사실임병태 I 개요 * Registered Investment Adviser 구분 Investment Adviser (RIA) Broker-dealer Bank 성격 자문 일임 집합투자업자 투자매매

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1 미국금융투자업영위채널 ( 업권 ) 별현황조사 2017 년 1 월 기획조사실임병태 I 개요 * Registered Investment Adviser 구분 Investment Adviser (RIA) Broker-dealer Bank 성격 자문 일임 집합투자업자 투자매매 중개업자 은행 등록 SEC, 주증권당국 SEC, FINRA 법령 금융투자업영위범위 Investment Advisers Act 자문, 일임, 집합투자 Securities Exchange Act 주식 채권 펀드등매매 중개 ( 국법은행 ) OCC ( 주법은행 ) 주정부 National Bank Act 등 펀드판매등 * 대부분 broker-dealer 와계약을통해수행 - 1 -

2 II 주요채널현황 1. RIA * ( 자문 일임 집합투자업자 ) * Registered Investment Adviser ( 법상용어는 Investment Adviser 이나, SEC 또는 주증권감독당국에등록된 Adviser 를지칭하는용어로 RIA 가쓰임 ) * 집합투자 ( 펀드운용 ) 자산포함 ** broker-dealer 겸업 ( 전체 RIA 의 3.7%) 또는 broker-dealer 의 Registered Representative(4.1%) 등 * IAA 202(a)(11) Investment advisers means any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities. 법령에서 person 은법인 (company) 또는자연인 (natural person) 을의미, 실제 RIA 등록서류 (Form ADV) 상에서가능한법적형태로 corporation, partnership, LLC, LP, LLP 등과 함께개인사업자 (sole proprietor) 도제시 - 2 -

3 * 대형 IB 자산운용사포함 ( 골드만삭스의경우, broker-dealer 부문자회사인 Goldman, Sachs & Co. 와자산운용부문자회사인 Goldman Sachs Management, L.P. 가등록되어있음 ) ** SEC, Study on Investment Advisers and Broker-Dealers (2011.1) * RIA 에포함된대형 IB 자산운용사의직원수가통상천명이넘음에따라평균치를왜곡할가능성이있어, 중간값으로파악하는것이적절함 RIA ( 개 ) 10,511 10,533 10,895 11,473 11,847 직원 * ( 명 ) 759, , , , ,335 1사당평균 사당중간값 * Representatives ** 각연도의 4 월 8 일기준 직원 ( 명 ) 1~5 6~10 11~50 51~ 251~ 501~ 1,000 명 ,000 이상 계 RIA ( 개 ) 3,965 2,760 3,679 1, ,847 비중 (%) * 기준 * broker-dealer 를겸업하는 RIA 또는계열 broker-dealer 의 RR 로등록 - 3 -

4 * RIA 가자문만을제공하고투자실행은고객이직접수행하는자산 1. 재무설계 (Financial planning services) 2. 투자일임업 ( 개인 소상공인대상 ) (Portfolio management for individuals and/or small businesses) 3. 집합투자업 ( 회사형집합투자기구운용 ) (Portfolio management for investment companies) 4. 집합투자업 ( 회사형이외의집합투자기구운용 ) (Portfolio management for pooled investment vehicles other than investment companies) 5. 투자일임업 ( 일반법인 기관투자자대상 ) (Portfolio management for businesses or institutional clients) 6. 연금컨설팅 (Pension consulting services) 7. 타자문업자선정 (Selection of other advisers (including private fund managers)) 8. 정기간행물 뉴스레터발간 (Publication of periodicals or newsletters) 9. 증권가치평가 (Security ratings or pricing services) 10. 마켓타이밍 (Market timing services) 11. 세미나 워크샵개최 (Educational seminars/workshops) ( 출처 ) SEC * RR(Registered Representative) 은개인 (individual) 만가능하므로 brokerdealer 의 RR 이될수있는 RIA 는개인사업자 (sole proprietor) 로추정 - 4 -

5 * Investment Adviser 로등록된대형자산운용사의경우 AUM 이매우큼에따라, 단순평균치보다는중간값이업계의일반적인모습을파악하는데적절함 RIA 수 ( 개 ) 10,511 10,533 10,895 11,473 11,847 관리자산 ( 조달러 ) * 각연도의 4 월 8 일기준 관리자산 $25m 미만 ~$100m ~$1b ~$5b ~$10b ~$50b ~$100b $100b 이상 RIA ( 개 ) ,585 1, ,847 비중 (%) * 기준 계 * 개인, 법인, 기관투자자, 집합투자기구 ( 펀드 ) 등대상 * SEC Rule (4)-2-5 -

6 * 퇴직연금에특화된대형 3 개 RIA 의고객 ( 약 1,420 만명 ) 이전체고객의 39% 를차지 고객수 ( 백만명 ) * 각연도의 4 월 8 일기준 고객 ( 명 ) 0 1~10 11~25 26~ ~ ~ 명이상 RIA ( 개 ) 442 3,232 1,171 1,897 1,993 1,539 1,573 11,847 비중 (%) 주고객층개인고객기관고객집합투자기구기타계 RIA ( 개 ) 5, ,486 1,516 11,847 비중 (%) * 주고객층은전체고객가운데해당고객의비중이 50% 를넘는경우이며, 기타는 50% 가넘는주고객층이없는경우임 계 - 6 -

7 관리자산정률보수 정액보수시간당보수성과보수 ** 수수료기타 RIA ( 개 ) 11,274 4,992 3,345 4, ,731 비중 (%) * 각카테고리별로혼용가능 ** 사모펀드운용등의경우성과보수수취가능 ( 전체 RIA 의 37.5% 가사모펀드운용 ) - 7 -

8 2. Broker-dealer ( 투자매매 중개업자 ) * SEA 3(a)(4)(A) The term broker means any person engaged in the business of effecting transactions in securities for the account of others. SEA 3(a)(5)(A) The term dealer means any person engaged in the business of buying and selling securities (not including security-based swaps, other than security based swaps with or for persons that are not eligible contract participants) for such person s own account through a broker or otherwise 월 회사 ( 개 ) 4,289 4,156 4,068 3,957 3,876 영업점 ( 개 ) 161, , , , ,697 직원 * ( 명 ) 630, , , , ,494 * Registered Representative(RR) ( 출처 ) FINRA - 8 -

9 1. Exchange member engaged in exchange commission business 2. Exchange member engaged in floor activities 3. Broker or dealer making inter-dealer markets in corporate securities OTC 4. Broker or dealer retailing corporate equity securities OTC 5. Broker or dealer selling corporate debt securities 6. Underwriter or selling group participant 7. Mutual fund underwriter or sponsor 8. Mutual fund retailer 9. U.S. government securities dealer, U.S. government securities broker 10. Municipal securities dealer 11. Municipal securities broker 12. Broker or dealer selling variable life insurance or annuities 13. Solicitor of time deposits in a financial institution 14. Real estate syndicator 15. Broker or dealer selling oil and gas interests 16. Put and call broker or dealer or option writer 17. Broker or dealer selling securities of only one issuer or associate issuers 18. Broker or dealer selling securities of non-profit organizations 19. Investment advisory services 20. Broker or dealer selling tax shelters or limited partnerships 21. Non-exchange member arranging for transactions in listed securities by exchange member 22. Trading securities for own account 23. Private placements of securities 24. Broker or dealer selling interests in mortgages or other receivables 25. Broker or dealer involved in a networking, kiosk or similar arrangement 26. Other ( 출처 ) SEC - 9 -

10 3. 은행 * 12 U.S. Code 24. Corporate powers of association (Glass-Steagall Act 16) The business of dealing in securities and stock by the association shall be limited to purchasing and selling such securities and stock without recourse, solely upon the order, and for the account of, customers, and in no case for its own account, and the association shall not underwrite any issue of securities or stock; Gramm-Leach-Bliley 법에의해 Glass Steagall 법의제 20 조, 제 32 조는폐지되었으나, 제 16 조, 제 21 조는그대로유지 * GLBA 201 에의해 Securities Exchange Act 가개정되어 SEA 3(a)(4)(B) 에반영 ** 세부요건은 SEC 의 Regulation R 에의해규정 * broker-dealer 로등록시요구되는 NCR 규제는상업은행에적용되는지급준비금 (reserve requirement) 규제보다상대적으로더엄격 ( 추가적인순자본확충필요 ) ** SEC, OCC 에질의하여확인 ( )

11 1. 증권사와의계약을통한투자중개 (third-party brokerage arrangements) ( 통상 networking arrangements 로지칭 ) 2. 신탁 (trust and fiduciary activities) 3. 미국국채등허가된증권의거래 (permissible securities transactions (e.g., U.S. Treasury and U.S. Agencies obligations)) 4. 우리사주 (certain stock purchase plans) 5. 자동이체계좌 (sweep accounts) 6. 연계거래 (affiliate transactions) 7. 사모인수 (private securities offerings) 8. 보관및예탁 (safekeeping and custody activities) 9. 특정은행상품 (identified banking products) 10. 지방채 (municipal securities) 11. 기타최소로허용된증권의거래 (a de minimis number of other securities transactions)

12 * 폐지조항 : 제 20 조 ( 은행과증권회사의계열 제휴금지 ), 제 32 조 ( 은행과증권회사간경영진의겸직금지 )

MKIF_확정투자설명서_ PDF

MKIF_확정투자설명서_ PDF (Macquarie Korea Infrastructure Fund) 1 : (Macquarie Korea Infrastructure Fund) : 110 11(:100-755) : 02-3705-4921 2 : / 3 : (Macquarie Shinhan Infrastructure Asset Management Co, Ltd) ( 110 11Tel: 3705-4921)