Korea’s investment advisory companies saw their earnings soar 173 percent in the first half of fiscal 2014 from a year earlier due to a rise in returns from equity investments, the financial watchdog said Thursday.

The combined net profit of 166 local and foreign investment advisers reached 51.6 billion won ($46.5 million) between April and September, compared with 18.9 billion won in the same period last year, according to the Financial Supervisory Service.

The firms close their books on March 31.

An investment advisory firm provides more individual or group-tailored management services than mutual funds. These firms earned 43.2 billion won from stock investments over the six-month period, up 84.6 percent from 23.4 billion won a year ago, FSS figures showed. (Yonhap)