[Geumtu협 Election Interview②] Seo Yuseok "Experience in Both Securities and Asset Management... Must Solve Current Fund Shortage First"

The Only Person Experienced in Both Securities and Asset Management
"Expanding the Capital Market Pie... Fair Rules Are Important"
"Government and Bank of Korea Must Clearly Support Liquidity and Credit"
"If Elected Chairman, Will Uphold Fair Personnel Principles at the Korea Financial Investment Association"

Editor's NoteAs uncertainty in the financial markets grows, the curtain rises next month on the election for the next chairman of the Korea Financial Investment Association, representing the domestic securities, asset management, and trust industries. The election takes place amid a crisis atmosphere, with stock markets plunging relentlessly due to aggressive interest rate hikes worldwide and concerns over liquidity tightening in the bond market. To select a leader who will fight for the industry over the next three years amid this uncertainty, industry interest has already heated up. As of the 31st, a total of five candidates have entered the race, and Asia Economy has interviewed the chairman candidates to hear their reasons for running.

[Asia Economy Reporter Hwang Yoon-joo] 'An all-rounder in the financial investment industry with experience in both securities firms and asset management companies.'

Seo Yoo-seok, former CEO of Mirae Asset Global Investments, is a candidate for the 6th chairman of the Korea Financial Investment Association who has worked in both securities firms and asset management companies. Seo cites his career as his strength. He said, "The Financial Investment Association encompasses both securities firms and asset management companies," adding, "We need someone who can develop policies that cover both areas."

Seo began his career at Korea Investment Trust (now Hana Securities) before moving to Mirae Asset Securities in 1999. From 2011, he served as president of Mirae Asset MAPS Asset Management, then as head of the Exchange-Traded Fund (ETF) division at Mirae Asset Global Investments in 2012. In 2016, he was appointed CEO of Mirae Asset Global Investments and led the company for five years.

He stated his reason for running as "to expand the pie of the capital market." He emphasized fair rules and fair competition as principles for market growth. Seo reiterated, "The bigger the pie, the more there is to gain," and said, "The chairman should focus on expanding the scale of the capital market."

He expressed confidence in becoming a chairman who actively leads from the front rather than just talking. Seo has experience leading the popularization of funds in 2005 after working at a securities firm. He was also the first to lead the retirement pension business when it was newly introduced. He said, "When the retirement pension market started in 2005, it was an unknown territory, but I was confident it would become a large market, so I invested in costs and manpower." At that time, the retirement pension division operated at a loss. Now, Mirae Asset Global Investments leads the retirement pension market.

Seo is also the person who created the golden era of ETFs at Mirae Asset Global Investments. He said, "When I was at Mirae Asset Global Investments in 2010, the ETF market share was about 6%, but we raised it to 39%," adding, "It is very difficult and unprecedented to reverse the passive market."

He emphasized, "I am not a CEO who only talks but one who directly leads groundbreaking projects," and said, "If I become chairman, I will stand at the forefront to communicate with investors, member firms, and authorities to lead the capital market."

Seo's first pledge is to resolve current issues. He pointed out the liquidity tightening problem in the bond market caused by Gangwon Province's refusal to provide payment guarantees. He said, "If elected, I will first solve the liquidity tightening issue," adding, "Depending on the situation, we may need to seek support from the Bank of Korea."

Secondly, he stressed the need to grow the capital market beyond its current size. Seo said, "Savings are eaten away by inflation. I will open an era of investment." He pointed out that savings are weak against inflation and that real estate yields are inevitably declining. Seo said, "Although 70% of household assets are in real estate, a major shift is occurring due to the interest rate hike period," adding, "Older real estate owners sell large homes and move to smaller ones for retirement, generating cash." He repeatedly emphasized that the financial investment industry must recognize the liquidity of real estate through inheritance and gifts among the elderly and create a structure that can generate capital gains.

Seo also pledged to attract corporate cash into the capital market. He said, "Some companies have excess funds, and the capital market is where that money can be managed," adding, "I hope M&A becomes more specialized and improves in quality beyond the current structure where large firms earn fees." He explained that if he becomes chairman, he will support securities firms with M&A-related consulting as well as finance, tax, and legal services.

Regarding the financial investment income tax (FITS), he emphasized tax fairness. He said, "Taxes should be collected where income exists," and criticized, "There are parts that do not conform to tax principles, such as paying taxes even when losses occur due to transaction taxes, and these need to be addressed."

Seo also promised fairness in personnel matters at the Financial Investment Association. He said, "The association's employees are talented and driven professionals," and emphasized, "Regardless of the chairman, a personnel system that guarantees evaluation and promotion based on ability must be ensured."

He added, "Member firms' dissatisfaction stems from poor communication," and said, "With a fair personnel system and the right leader, communication with member firms will become closer."

This content was produced with the assistance of AI translation services.