The number of fund managers in South Korea reached a new high in April, as the market appears to be recovering, data showed Sunday.

According to the Korea Financial Investment Association, the number of fund managers in 57 local asset management firms recorded 720, up 20 from the beginning of this year.

The corresponding figure had marked the steepest rise from 2007 to 2012 when the nation saw a fund investment boom. The number of local fund managers climbed by more than 200 during the period -- to 612 as of December 2012 from 386 in December 2007.

But as Seoul’s benchmark Kospi was trapped in a box pattern, the figure dropped to 576 in December 2016, before rebounding in 2017.

Each manager would operate an average of six funds, with the combined value standing at 331.8 billion won ($272.8 million).

As of Thursday, the combined net asset value of public offering and private placement funds -- excluding private equity funds that entail management involvement in companies -- marked 672.53 trillion won, up 26.34 trillion won from the end of the previous month.

KB Asset Management topped the hiring list, with 66, followed by Mirae Asset Global Investment and Samsung Asset Management with 51 and 44, respectively.

Meanwhile, the local funds are still sitting at losses, as the combined set amount of funds recorded 6.18 trillion won less than the combined net asset value in this month. Compared to end-March, however, the deficit level was reduced by nearly half from 12.88 trillion won.

By Jie Ye-eun (yeeun@heraldcorp.com)