Korean finance giant revamps leadership to boost AI-driven global expansion

Korean finance giant Mirae Asset Financial Group has announced a massive reshuffle at the executive level. According to the firm, the reshuffle is a shift toward next-generation wealth management with a focus on global expansion and artificial innovation.

Mirae Asset Financial Group, which boasts more than $695 billion in assets under management, claims the development aims to boost its structural transformation across its group in a bid to achieve growth through global expansion, AI, digital innovation, and risk management.

Korean finance firm wants to boost AI-driven global expansion

According to the firm, Chung Ji-Kwang, head of the new growth investment division at Mirae Asset Capital, will be named as the Chief Executive Officer of the division, while Chae Chang-Seon, who was in charge of running real estate development at Mirae Asset Consulting, will be appointed as its CEO.

Lee Tae-Sang, the head of risk management at Energy Infra Asset Management, will also assume the role of the Chief Executive Officer of the division.

The three newly appointed CEOs of the divisions were all born in the 1970s, showing the intention of the group to shift leadership into a new generation.

In addition, incumbent Mirae Asset Capital CEO Lee Man-Hee is expected to step down from his role, although a date has not been specified. He is expected to leave with most of the key founding members who played a role in building up the Korean firm, with its founder, Park Hyeon-Joo, having exited the firm in a shift that began with a major reshuffle in 2023.

As part of the organizational reshuffle, Mirae Asset Securities’ Tech & AI division will be transformed into a unit that will cater to new technologies, focusing on developing new growth engines based on AI and Web3. This will enable them to serve clients in the crypto industry.

In addition, the firm has announced its decision to expand its pension management division from three to four units, strengthening its capabilities in the growing pension market and enhancing business activities targeting multinational corporations and public institutions.

The firm plans to launch for digital and traditional assets

With the country’s growing pressure to strengthen productive finance, Mirae Asset Securities has announced the establishment of a new investment banking division. This division will be tasked with enlarging the role of the firm in attracting funds in the capital market. The brokerage also set up divisions that will be dedicated to integrating managed accounts and financial consumer protection.

While the group did not specify any organizational reshuffle concerning Mirae Asset Global Investments, it highlighted that the division will further improve its product competitiveness by leveraging different investment strategies and developing innovative flagship products, offering investors a wider range of investment opportunities in the market. It also added that Mirae Asset Financial Group plans to take steps toward a digital-driven financial future.

“The group aims to spearhead Web3-based businesses both at home and abroad, to establish 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, the firm mentioned that it will not rest on its past achievements, noting that all employees are still charged to provide wealth management services on a global level under the ‘Client First’ philosophy.

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