Mirae Asset Group Executes Organizational Restructuring

by Song Hwajung

Published 03 Nov.2021 15:26(KST)

[Asia Economy Reporter Song Hwajeong] Mirae Asset Group announced on the 3rd that it has conducted performance-based promotions and organizational restructuring.

In this personnel reshuffle, Mirae Asset Group, marking its 25th anniversary, has reorganized its structure and selected young talents to strengthen a dynamic and horizontal organizational culture through active generational change, enabling swift and flexible responses to changes in the global business environment. The group also focused on enhancing expertise to accelerate customer-centric management, a core value of the group.

Mirae Asset Group plans to promote continuous growth by establishing a clear performance-based compensation system and appointing outstanding talents who have contributed to the company's development.

Mirae Asset Securities reorganized its current 2 divisions and 16 departments into 5 divisions and 19 departments, further strengthening responsibility-based management centered on divisions, while focusing on expanding sales departments, strengthening risk management, and improving efficiency in administrative departments.

This organizational restructuring was carried out to strengthen core businesses such as corporate finance (IB) and pensions, actively promote innovation and digital transformation in wealth management (WM), and subdivide trading and PI to enhance expertise and independence.

The newly established Management Innovation Division and Management Support Division were tasked with carrying out company-wide innovation and efficient support services under responsible management. Additionally, multiple IB divisions were operated to strengthen specialized capabilities by business area and secure driving force for becoming a global top-tier IB.

Among the 19 departments, representatives of 13 departments were newly appointed, with particularly bold merit-based appointments in the sales departments standing out. As a result, the average age of department heads significantly dropped from 54 to 50, reflecting a bold generational change. Similar bold appointments and generational changes are expected to continue in subsequent appointments of headquarters heads, team leaders, and branch managers.

Mirae Asset Global Investments implemented generational change to accelerate innovation and growth. The new CEOs of Mirae Asset Global Investments are Vice Chairman Choi Chang-hoon and Executive Vice President Lee Byung-sung. Multi-Asset Global Investments appointed CEO Choi Seung-jae, and Energy Infrastructure Global Investments appointed CEO Kim Hee-joo. CEO Choi Chang-hoon was promoted from President to Vice Chairman. Proactively driving change, new CEOs and division heads were appointed among next-generation leader candidates, with many division heads in their 40s also appointed.

Mirae Asset Global Investments clarified the authority and responsibility of division heads through this personnel reshuffle. With the significant delegation of responsibility and authority from general executives to division heads, division heads act as the final decision-makers for their respective business divisions.

The organization was reorganized from a structure of 6 divisions, 6 division heads, and 18 department heads to 5 divisions and 23 division heads.

Mirae Asset Venture Investment reorganized its core business venture investment headquarters into a three-headquarters system. This aims to strengthen independent management of each organizational unit and efficient decision-making, thereby enhancing roles and responsibilities throughout the investment cycle from investment review to post-management and recovery. Mirae Asset Capital conducted personnel changes to accelerate growth through change and innovation and to differentiate core competitiveness by strengthening new growth and venture investments.

Mirae Asset Group operates as a global investment specialist group with 34 overseas subsidiaries and local offices in 15 countries, holding the largest global network in the industry. Last year, the group's total pre-tax profit from overseas subsidiaries surpassed 300 billion KRW for the first time in the financial investment industry, and this year it is leading financial exports by setting record-high performance again. The group's equity capital approaches approximately 17 trillion KRW, standing shoulder to shoulder with Asia's mega IBs and growing toward becoming a global top-tier IB.

A Mirae Asset Group official said, “Mirae Asset is a young and growing financial group that contributes to revitalizing Korea’s finance sector, and all employees of the group will strive to provide the best asset management services for customers.”

Mirae Asset Group Promotion Announcements

◇ Vice Chairman Promotions

Mirae Asset Global Investments

▲ CEO Choi Chang-hoon

Mirae Asset Venture Investment

▲ CEO Kim Eung-seok

◇ President Promotions

Mirae Asset Securities

▲ PI Division Kang Gil-hwan ▲ WM Division Chief Heo Seon-ho

Mirae Asset Global Investments

▲ Infrastructure Investment Division Kim Won

Mirae Asset Capital

▲ CEO Lee Man-hee

◇ Executive Vice President Promotions

Mirae Asset Securities

▲ Risk Management Division Ahn Jong-gyun ▲ Bond Division Lee Doo-bok ▲ Management Support Division Jeon Kyung-nam

Mirae Asset Global Investments

▲ Asset Allocation Division Lee Heon-bok ▲ AI Financial Engineering Division Lee Hyun-kyung ▲ Global Innovation Division Kim Young-hwan

◇ Senior Managing Director Promotions

Mirae Asset Securities

▲ Alternative Investment Finance Division Yang Wan-kyu ▲ Pension Division 1 Lee Nam-gon ▲ IB Division 2 Joo Yong-guk ▲ Derivatives Division Kim Yeon-chu

Mirae Asset Global Investments

▲ ETF Management Division Kim Nam-gi ▲ Overseas Real Estate Division Shin Dong-chul ▲ Investment Solutions Division Sung Tae-kyung ▲ ETF Marketing Division Kwon Oh-sung

▲ Management Innovation Division Lim Deok-jin

Multi-Asset Global Investments

▲ CEO Choi Seung-jae

◇ Managing Director Promotions

Mirae Asset Securities

▲ Global Division Kim Sang-jun ▲ IT Division Park Hong-geun ▲ WM Sales Division 2 Shin Seung-ho ▲ Pension Division 2 Lee Ki-dong

Mirae Asset Global Investments

▲ Real Estate Investment Development Division Go Moon-gi

Mirae Asset Group Key Position Appointments

Mirae Asset Securities

◇ Division Chiefs Appointed

▲ IB Division 1 Chief Jo Woong-gi ▲ IB Division 2 Chief Kang Seong-beom ▲ WM Chief Heo Seon-ho ▲ Management Innovation Chief Lee Man-yeol (designated)

▲ Management Support Chief Jeon Kyung-nam

◇ Department Heads Appointed

▲ Global Division Kim Sang-jun ▲ Alternative Investment Finance Division Yang Wan-kyu ▲ IB Division 1 Kim Mi-jung ▲ IB Division 2 Joo Yong-guk

▲ WM Sales Division 1 Choi Jun-hyuk ▲ WM Sales Division 2 Shin Seung-ho ▲ Pension Division 1 Lee Nam-gon ▲ Pension Division 2 Lee Ki-dong

▲ Corporate Solutions Division Koo Jong-hoe ▲ Digital Division Ahn In-sung ▲ Management Innovation Division Noh Yong-woo (designated)

▲ Risk Management Division Ahn Jong-gyun (designated) ▲ Derivatives Product Management Division Kim Seong-rak ▲ Compliance Division Lee Kang-hyuk (designated)

▲ IT Division Park Hong-geun ▲ Bond Division Lee Doo-bok ▲ Derivatives Division Kim Yeon-chu ▲ S&T Division Park Kyung-soo ▲ PI Division Kang Gil-hwan

◇ Affiliate Transfers

▲ Innovation Promotion Team President Kim Mi-seop

Mirae Asset Global Investments

◇ CEO Appointments (designated)

▲ Real Estate Division Choi Chang-hoon ▲ Marketing Division Chief Lee Byung-sung

◇ Department Heads Appointed

▲ Asset Allocation Division Lee Heon-bok ▲ AI Financial Engineering Division Lee Hyun-kyung ▲ ETF Management Division Kim Nam-gi

▲ Equity/Research Division Koo Yong-deok ▲ Overseas Real Estate Division Shin Dong-chul ▲ Domestic Real Estate Division Yoon Sang-kwang

▲ Real Estate Investment Development Division Go Moon-gi ▲ PEF Division 2 Yoo Sang-hyun ▲ WM Pension Marketing Division Ryu Kyung-sik

▲ Investment Solutions Division Sung Tae-kyung ▲ ETF Marketing Division Kwon Oh-sung ▲ Corporate OCIO Division Maeng Min-jae

▲ Marketing Strategy Division Lee Jong-gil ▲ Housing and Urban Fund Management Division Kim Ho-jin ▲ Investment Pool Management Division Oh Dae-jung

▲ Investment and Pension Center Lee Sang-geon ▲ Global Innovation Division Kim Young-hwan ▲ Management Innovation Division Lim Deok-jin