[People人] The First Professional CEO Chairman in the Financial Investment Industry Now Aims to Become a 'Global Top-Tier IB' Beyond Korea

Led Development of Korea's First Products like Mutual Funds and Wrap Accounts
Industry's First Customer Deposits of 400 Trillion KRW and Equity Capital of 10 Trillion KRW
Emphasized Customers and Sincere Practice
Expanding Global Business

Hyunman Choi, Chairman of Mirae Asset Securities

[Asia Economy Reporter Song Hwajeong] Mirae Asset Securities has led the industry by becoming the first in the financial investment sector to achieve KRW 400 trillion in customer deposit assets, KRW 1 trillion in operating profit for two consecutive years, and KRW 10 trillion in equity capital. With the promotion of Choi Hyun-man, the Senior Vice Chairman who has been at the forefront of these achievements, to Chairman, the financial investment industry has entered an era of professional management chairmen for the first time.

Chairman Choi is known as the right-hand man of Park Hyun-joo, Chairman of Mirae Asset Financial Group. His promotion reflects Chairman Park’s intention to create a dynamic culture at Mirae Asset where professional managers lead the company. Choi, who first connected with Chairman Park at Dongwon Securities, joined Mirae Asset as a founding member in 1997.

Choi served as CEO of Mirae Asset Global Investments in 1997, then as CEO of Mirae Asset Venture Capital in 1999, and in December of the same year, he became the inaugural CEO of Mirae Asset Securities, holding the top executive position for 12 years. He moved to Mirae Asset Life Insurance as CEO in 2012, then returned to Mirae Asset Securities in 2016, where he continues to lead.

Chairman Choi successfully established a paradigm shift in asset management from ‘saving’ to ‘investment,’ from ‘direct investment’ to ‘indirect investment,’ and from ‘products’ to ‘asset allocation’ by proposing various investment and asset management methods such as installment funds. Under his leadership, Mirae Asset Securities has led the growth of the capital market and securities industry through customer-centric management that exists ‘for the customer’ and continuous innovation. The company has always been associated with the word ‘first,’ leading the capital market with Korea’s first mutual fund sales, first launch of wrap accounts, first private equity fund (PEF) fundraising, and first smartphone stock trading service.

After merging with Daewoo Securities, Mirae Asset Securities became the securities firm with the largest equity capital, recording top-level performance in all sectors including investment banking (IB), wealth management (WM), and trading. Following last year’s industry-first achievement of surpassing KRW 1 trillion in operating profit, this year it exceeded KRW 2 trillion in operating profit by the third quarter, achieving KRW 1 trillion in operating profit for two consecutive years.

What Chairman Choi considers most important as CEO are ‘customers’ and ‘sincere execution.’ At this year’s Mirae Asset Group ‘Declaration Ceremony for Customer Alliance Practice for True Consumer Value,’ he stated, “Mirae Asset has managed with a sense of mission to contribute to customers’ successful asset management and peaceful retirement, and we will provide true value to consumers with the spirit of customer alliance. We will not give special treatment just because it is an affiliate’s product. We will only sell verified good products. We will not be obsessed with short-term profits but focus solely on customers. We have led the investment culture through innovation and will continue to do so,” personally promising these commitments.

Choi Hyun-man, Chairman of Mirae Asset Securities, delivering a speech at the 'Customer Alliance Declaration Ceremony for True Consumer Value' held by Mirae Asset Group last June

Above all, he has emphasized execution. Chairman Choi said, “A CEO must present a vision for the organization and establish plans, but above all, having responsibility and executing sincerely is a more important virtue. No matter how good the plans and strategies are, if execution does not follow, it is just a castle in the air. Only sincere execution of assigned duties is the core management philosophy of ‘sustainable management.’” Additionally, with the philosophy that ‘the reason for a company’s existence is to go together with society,’ he has actively participated in social responsibility activities as a board member of the Mirae Asset Park Hyun-joo Foundation since its establishment.

Having firmly established Mirae Asset Securities as the number one securities firm in Korea, Chairman Choi’s next goal is to elevate Mirae Asset Securities to the ranks of a global top-tier investment bank (IB). In this year’s New Year’s address, he said, “In a situation where it is difficult to travel overseas directly due to COVID-19, our global network is definitely a differentiated competitive advantage,” urging to further strengthen the synergy between overseas subsidiaries and headquarters and to continue expanding global business.