33-year-old Mirae Asset Executive "Burdened by Difficult Times... Will Work Hard"

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] Thirty-three. This is the age at which a late-entry new employee, due to recent employment difficulties, has earned an executive title. The protagonist is Jo Young-hye, Director of the Real Estate Development 3 Team at Mirae Asset Securities.

According to Mirae Asset Group on the 17th, Jo, born in 1989, was promoted to an executive position in the executive personnel announcement at Mirae Asset Securities the day before. Mirae Asset Group carried out a "bold personnel reshuffle" in this announcement by advancing outstanding female talent and employees in their 30s and 40s born in the 1980s. Jo is also reported to have been recognized for her outstanding performance in the Investment Banking (IB) division. On the day, Jo said, "Although there is some pressure during these difficult times, I will work hard as I have done so far," adding, "I will strive to be helpful to Mirae Asset Securities with a humble attitude."

In this personnel reshuffle of Mirae Asset Group, including Kim Mi-jung, Head of Corporate Finance at Mirae Asset Securities, a total of 14 people were promoted to executives, including five executive directors such as Noh Jeong-sook of the Process Innovation Headquarters, Nam Mi-ok of the Yeouido WM (Wealth Management) Investment Center, Jeong Ui-seon of Mirae Asset Life Customer Service Division, and Kim Eun-ryeong of Mirae Asset Consulting Advertising Division, as well as six newly appointed executives. Nine people born in the 1980s, including Director Jo, also received executive titles.

This year, the securities industry is facing an unprecedented harsh period. Due to the global interest rate hikes, the stock market has hit bottom, and the bond market, which had been weak since last year, was directly hit by the Gangwon-do Legoland incident. Although liquidity released to overcome COVID-19 led to soaring performance last year, this year it has dropped by more than half.

Because of this, Mirae Asset Group also carried out an organizational restructuring in this personnel reshuffle to strengthen responsible management and improve business focus. This is a plan to prepare for the cold wave expected to continue until next year due to the impact of the U.S. interest rate hikes.

First, Mirae Asset Securities reorganized its structure from five general divisions and 19 departments to five business divisions, two offices, and 20 departments, establishing a business division system. The Corporate Finance (IB) division was reorganized according to specialized fields to proactively respond to the rapidly changing market environment. A Private Investment (PI) division was newly established to strengthen comprehensive response capabilities to increased market volatility such as interest rates and stock prices, and a Global IB division and Global IB department were also newly created to respond to changes in the global business environment. To strengthen customer investment product market response, an Investment Strategy department was created within the WM division.

Mirae Asset Asset Management enhanced synergy between Exchange-Traded Funds (ETF) and institutional marketing capabilities through a rotation of marketing division heads and carried out proactive personnel placement. Mirae Asset Life continued generational change while actively appointing young and female leaders focused on performance by breaking seniority order.

Mirae Asset Capital established a Management Innovation division to strengthen management soundness and improve management capabilities. A Mirae Asset official explained, "We aimed to clarify the direction toward a young and dynamic investment specialist group by strengthening the professional management system focusing on stability and risk management and selecting talented individuals with vision and capabilities."