South Korea retained its 13th spot in the world in terms of the size of funds under management in the fourth quarter of 2013 in the face of market volatility stemming in part from the U.S. Fed tapering, data showed Tuesday.

The combined net asset value of stock and bond funds managed by South Korean asset managers reached $28.52 billion at the end of December, up $3.3 billion from three months earlier, according to the data by the Korea Financial Investment Association.

The net asset value refers to the amount of funds received from contractors and the revenue recorded during the cited period.

South Korea fared well largely due to an increase in net asset values of funds with exposure to stocks in the U.S. and Europe, the association said.

Overall, the U.S. topped the list at $15.18 trillion worth of funds under management, followed by Luxembourg with $3.03 trillion, Australia with $1.62 trillion and France with $1.53 trillion, the data showed.

The net value of all global funds totaled $30 trillion at the end of December, up 4.08 percent from three months earlier, as major economies' stock markets such as the U.S. and Europe posted a sharp gain last year, the association said. (Yonhap)