Fidelity Asset Management's South Korean-domiciled fund assets fell 708 billion won in the first half to 3.19 trillion won ($2.3 billion) at end-June from 3.89 trillion won ($2.8 billion) at the end of last year, cutting its market share to 0.29% from 0.39% even as the country's overall fund market expanded by more than 71 trillion won to 1,061.84 trillion won ($751.8 billion). Assets declined across all of Fidelity's top 10 local distribution channels, led by a 226 billion won outflow at Korea Investment & Securities, with additional declines at Kookmin Bank, Hana Bank, SC Bank, Mirae Asset Securities, Shinhan Bank and Woori Bank. Industry officials attributed the withdrawals to weak performance and relatively high fees as investors shifted toward ETFs and stronger-performing funds during the equity rally. Fidelity's Global Technology Securities Investment Trust returned 84.4% over three years on the latest Bloomberg data, about 26 percentage points below Franklin Templeton's rival technology fund, while Fidelity Asia Securities Investment Trust (Equity) Class A returned 23.02%, trailing its benchmark by 50.83 percentage points. Fidelity's total fee stood at 1.019% at end-June, above the 0.808% average for foreign asset managers in South Korea.