Younger executives take helm across key units, marking end of founding generation’s era
Korean finance giant Mirae Asset Financial Group announced a massive reshuffle at the executive level Friday, signaling a shift toward next-generation wealth management with a focus on global expansion and artificial intelligence innovation.
Managing assets of more than 1,000 trillion won ($695 billion), the group said the reshuffle aims to boost group-wide structural transformation in line with its growth strategy, highlighting global expansion, AI and digital innovation, and risk management.
Chung Ji-kwang, head of the new growth investment division at Mirae Asset Capital, was named its new chief executive officer. Chae Chang-seon, who was in charge of running real estate development at Mirae Asset Consulting, was tapped as its CEO. Lee Tae-sang, head of risk management at Energy Infra Asset Management, was named to take over as CEO.
The three newly appointed CEOs were all born in the 1970s, signaling the group’s generational shift in leadership.
With incumbent Mirae Asset Capital CEO Lee Man-hee stepping down, most of the key founding members of Mirae Asset who played a central role in building up the finance giant with its founder Park Hyeon-joo have exited the group, completing a shift that began with a major reshuffle in 2023.
As part of the organizational shake-up, Mirae Asset Securities’ Tech & AI division will be transformed into a unit dedicated to new technologies, focusing on developing new growth engines based on AI and Web3.
The firm has also decided to expand its pension management division from three to four units to strengthen its sales capabilities in the growing pension market and enhance strategic business activities targeting multinational corporations and public institutions.
Amid the country’s growing pressure to strengthen productive finance, Mirae Asset Securities has established a new investment banking division tasked with enlarging the firm’s role in channeling funds within the capital market.
The brokerage also set up divisions dedicated to integrated managed accounts and financial consumer protection.
While the group did not specify an organizational reshuffle for its key affiliate Mirae Asset Global Investments, it stated that the asset manager will further enhance its product competitiveness by leveraging differentiated investment strategies and developing innovative flagship products, offering investors a broader range of investment opportunities.
“As a growing financial powerhouse, Mirae Asset Financial Group plans to take preemptive steps toward digital-driven financial innovation rather than resting on its past achievements,” the group explained.
“The group aims to spearhead Web3-based businesses both at home and abroad, with the aim of establishing a ‘Global Digital Wallet,'” it said, referring to its goal to launch a platform that can integrate traditional and digital assets by June next year.
“In addition, all employees will continue to provide wealth management services on a global level under the ‘Client First’ philosophy, dedicated to enhancing clients’ asset value.”
By Im Eun-byel (silverstar@heraldcorp.com)
