Investment funds can't use celeb names


SEOUL -- Korea's Financial Supervisory Service ruled Wednesday that investment funds may no longer use the names of celebrities and other famous people in their titles.

The ruling involved four investment funds, three of which used well-known politicians and business leaders in their names and one that used successful director Kang Woo-suk, whose 2004 hit "Silmido" was the first Korean movie to top the 11-million attendance mark.

The financial regulator warned against using celebrities in funds' names because they are not actual fund managers and therefore not subject to relevant investment fund laws.