Mirae Asset Daewoo Chairman Park Hyun-joo has decided to focus on global management. When Park took office as chairman of Mirae Asset Daewoo in May 2016, he showed a strong will for overseas business after two years of management.
Mirae Asset Daewoo announced on March 26 that Park has become the chairman of its global business in Hong Kong. In January, Park said, “Mirae Asset Daewoo will put spurs to global investment this year with a goal of achieving a consolidated pre-tax profit of 1 trillion won (US$926.35 million), up 50 percent from last year’s. We will become a global leading investment bank by improving the investment competitiveness for the era of experts. We will also aggressively implement shareholder friendly policy in order to share such achievements with shareholders.”
Accordingly, Park will lead overseas business as global head of Mirae Asset Daewoo Hong Kong. Mirae Asset Financial Group plans to strengthen its responsible management system by letting vice chairman and CEO of its major subsidiaries run business in South Korea.
Mirae Asset Daewoo decided to acquire 2,325,000,000 shares of its subsidiary in Hong Kong, Mirae Asset Securities HK Limited, for 333.75 billion won (US$309.17 million) in July last year. After the acquisition, it will hold a 100 percent stake in the company.
Meanwhile, Park proactively aggressively engaged in overseas management by establishing a joint venture with Global X Management, a major exchange traded fund (ETF) provider in the United States, and the State Capital Investment Corporation (SCIC) of Vietnam and Mirae Asset Daewoo’s local subsidiary in India this year alone.
More specifically, its subsidiary in Hong Kong specializes in principal investment, while the one in Indonesia is a total commission house. The subsidiary in Vietnam creates a synergy with a local credit finance corporation, while the one in Singapore focuses on selling securities. In China, Mirae Asset Daewoo is using a regional specialization strategy in Beijing, Shanghai and Mongolia.
In addition, the company is planning to increase its capital by 800 billion won (US$741.08 million) in India and the United Kingdom. Its subsidiary in New York focuses on the hedge fund market in the U.S., while the one in Los Angeles specializes in asset management. The one in Brazil showed the best sales record as a bonds broker.
Currently, Mirae Asset Daewoo runs 11 subsidiaries and three offices in 11 countries. For its overseas subsidiaries, the company has 2.3 trillion won (US$2.13 billion) of equity capital and 650 employees.
An official from Mirae Asset Daewoo said, “We will increase the amount of equity capitals and assets in overseas business to 10 trillion won (US$9.26 billion) and 100 trillion won (US$92.64 billion), respectively, within 10 years. We will expand our business in the global market with 10 percent of the return on equity (ROE).”