Expansion of Securities and Asset Management Support Organizations
Strengthening Representation of Member Companies and On-site Communication
[Asia Economy Reporter Kwangho Lee] The Korea Financial Investment Association announced on the 26th that it has carried out an organizational restructuring and executive appointments to strengthen its role as a representative of its member companies.
The existing 11 headquarters and divisions were reduced to 7 headquarters by integrating the Industry Strategy Headquarters and Market Management Headquarters, as well as the Strategic Planning Headquarters and Management Support Headquarters.
The industrial department organization will also be expanded and reinforced. The support organization for securities (futures) companies has been expanded from 1 division and 3 departments to 1 headquarters, 3 departments, and 2 teams. A Small and Medium-sized Securities Support Team to assist small and medium-sized securities firms and a Digital Finance Team to respond to digital issues such as virtual assets, fintech, and robo-advisors were newly established within the Securities and Futures Headquarters.
The asset management company support organization has been expanded and reorganized from 1 division, 2 departments, and 1 team to 1 headquarters, 2 departments, and 3 teams. A Private Fund Team and a Real Asset Fund Team, which will provide customized support for private fund companies, were newly established within the Asset and Real Estate Headquarters.
The Real Estate Trust Support Department has been reorganized into the Comprehensive Real Estate Finance Department. Additionally, a partial 'department-team system' has been introduced, adjusting the Tax Support Department, Legal Support Department, Information Systems Department, K-OTC Department, and Bond Department into team units.
To coordinate interests among member companies, the Industry General Department has been reorganized into the Industry Cooperation Department, and a Future Strategy and Industry Coordination Team to oversee future growth opportunities and industry coordination functions, as well as a WM Team to support asset management tasks such as trust system improvements and ISA (Individual Savings Account), were newly established.
The independent Pension Department will take charge of supporting the accumulation of national assets through private pensions in line with the government's public pension reform schedule.
To strengthen the functions supporting self-regulation and internal control, a Regulatory Planning Team and Internal Control Team were newly established, along with a Policy Support Department that comprehensively performs policy development and legislative support functions, under which the External Cooperation Team and Legal Team are placed. The International Affairs Department, which supports member companies' global expansion, has been transferred to the External Policy Headquarters.
In executive appointments, the head of the Asset and Real Estate Headquarters was promoted to Senior Executive Director, and two new heads were appointed for the Securities and Futures Headquarters and the External Policy Headquarters.
The Korea Financial Investment Association stated, "In the face of internal and external crises in the capital market and financial investment industry, we have carried out organizational restructuring and executive appointments to reform the association into a 'working association,' a 'communicative association,' and an 'association representing member companies.'"
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