[DECODED] Park Hyeon-joo’s men

Park Hyeon-joo is recognized as the brains behind the launch of Mirae Asset, one of Korea’s first asset managers to launch mutual and real estate trust funds in the country.

As the founder and chairman of the firm, Park -- a graduate of Korea University in business administration -- worked his way up the corporate ladder at brokerages, and gained a keen trading sensibility. 

But like any great entrepreneur who has changed the world, Park was not alone in his quest to found Mirae Asset. The firm is the creation of Park and a few of his most trustworthy partners.

Choi Hyun-man is one of Park’s closest partners, who joined the chairman in 1997 to start Mirae Asset Venture Capital, which eventually fleshed out into Mirae Asset Financial Group.

Choi, who was previously chief executive of Mirae Asset Life Insurance, has been called on to manage the firm following the integration of Mirae Asset Securities and Mirae Asset Daewoo Securities, formerly KDB Daewoo.

With Daewoo under its wing, Mirae Asset has become the country’s biggest brokerage with capital of 5.9 trillion won, well over former No. 1 NH Investment & Securities, which acquired Woori Investment & Securities.

Choi is making a comeback to the brokerage scene after four years at the life insurer, which he managed and helped launch an initial public offering of. Cho was president of Mirae Asset Securities in 1999, then moved on to become president of Mirae Asset Life Insurance in 2012.

He is among the three top executives in the group who holds the title of vice chairman, along with Ha Man-duk of Mirae Asset Life and Jeong Sang-ki of Mirae Asset Global Investments.

With Choi back at the securities company, Park recently told reporters that he remains adamant in his desire to change “the DNA of Korea’s capital market” by reinvigorating the investment landscape. He said that only investment for new and future growth could overcome slow consumption, exports and a rapidly aging population. Only about 25 percent of Koreans’ income is invested in financial assets for post-retirement, compared with 70 percent in the U.S. and 60 percent in Japan.

He cited Silicon Valley as an example, saying that it was developed and created through innovation and risk-taking. Park seeks to develop Mirae Asset into one of Asia’s biggest investment banks with equity capital of 10 trillion won ($8.6 billion) by 2020, and compete with Japanese and Chinese IBs including Nomura Securities.

Also, Park’s close aide Ha, who has been working for SK Life Insurance since 1992, has been promoted to vice chairman of Mirae Asset Life in this past April. Mirae Asset acquired SK Life in 2005.

Byun Jae-sang, former CEO of Mirae Asset Securities, whom the chairman knew when Byun was working for Samsung Securities in the 1990s, joined Mirae Asset in 2000, and is now heading Mirae Asset Life Insurance as its president & CEO.

In addition to Choi, Koo Jae-sang was a founding member of Mirae Asset, who worked with Park and Choi at Dongwon Securities (Korea Investment & Securities) in the 1990s. Koo served as chief executive of Mirae Asset Global Investments, which was widely known for its “Insight Fund” investing in emerging market equities. Koo left Mirae Asset in 2012.

Jeong Sang-kee, vice charman and chief executive of Mirae Asset Global Investments, is another key man in the group at the vanguard of Mirae Asset’s global expansion as an asset manager. Jeong is among the founding members of Mirae Asset.

By Park Hyong-ki (hkp@heraldcorp.com)

Park Hyeon-joo
Choi Hyun-man
Byun Jae-sang
Koo Jae-sang
Jeong Sang-kee
Ha Man-duk
(photo: Mirae Asset)