[K-INVESTORS]②The Legendary Private Banker Earning More Than the CEO

Seojaeyoung NH Investment & Securities Premier Blue Gangbuk Center Executive Director
Verifying on the Ground by Foot... "Never Sell Unknown Companies or Products"
18 Years of Experience as PB... Managing Clients with Cash Assets from 1 Billion to 100 Billion KRW

Editor's NoteThe Korean capital market is more turbulent than ever, driven by greed and selfishness. Manipulations and foul play are rampant. However, many investors have pioneered their own investment worlds and emerged as role models for individual investors, having endured various crises from the foreign exchange crisis, dot-com bubble, global financial crisis, to COVID-19. Through meetings with these investors, we aim to convey the value of money through their war-like stories of the capital market, their philosophies, failures, and successes. Starting now, we bring you stories from experts across diverse fields?from domestic pension fund chief investment officers who have evolved into global 'big players' in value investing and activism, to leaders of private equity and asset management firms, and CEOs of financial companies.

Having a higher salary than the president of your company is a dream for every office worker. Someone has achieved that dream. Seo Jaeyoung, aged 60 this year, Executive Director at NH Investment & Securities Premier Blue Gangbuk Center, is famous as a private banker (PB) earning more than the CEO. Although he became an executive director in 2002, he has been working on the front lines for over 20 years as a 'perpetual executive director' because he does not want to leave the field. The assets he manages are in the trillions of won. Notably, leading private equity fund representatives, who are among the fastest movers in the investment industry and gather information, attend Seo’s lectures. He is an investor who forgets his age and works harder on the ground than anyone else. Seo is the youngest and brightest in the investment field.

Investment Questions, On-Site Answers (投問現答)…The Solution to Investment Problems Lies in the Field

"I like to verify things. You can only know by visiting in person. It makes no sense to go fishing without ever having been to the river."

Seo visits three to four companies a day, regardless of whether they are listed or unlisted. He does not invest in companies he does not understand, nor does he sell products he cannot comprehend.

"I have never sold a product to clients that I didn’t understand. People think I must have sold a lot of problematic products like Lime or Optimus. But for me, those are absolutely zero. If I don’t understand or cannot verify something, I don’t sell it. If it’s not a product I have visited on-site or confirmed the facts about, I don’t do it. You can’t control it otherwise. Even if it’s a famous bank product from advanced countries like Germany or Australia, if I can’t verify it with my own eyes, I won’t do it."

I met Seojaeyoung, Executive Director of NH Investment & Securities, at the Seoul Finance Center Premier Blue Gangbuk Center. Photo by Younghan Heo younghan@

Conversely, he recently recommended bold investments in Brazilian bonds and bonds of domestic semiconductor companies that had experienced sluggish business conditions to his clients.

"Brazil currently has an enormous national trade surplus. It’s the highest ever. The energy industry is doing well, and it’s one of the countries with the largest trade surpluses. The real interest rate is 13%, while inflation is in the high 6% range. I also invested a lot in Hynix bonds. Since I have visited that company many times, I have seen their cash flow and can immediately contact Hynix if any issues arise. I can explain and respond to clients right away. I don’t invest in companies I haven’t met. Even if everyone says they’re good, that’s their money, not mine."

Managing Trillions in Funds…Building Trust Over 3 to 5 Years

How did he come to manage funds in the trillions? Why do clients entrust him with such large sums?

"Building relationships with people takes at least 4 to 5 years. That’s an incredibly long time. I do a lot of cold calls (unsolicited client visits or calls). It often takes about 3 to 5 years for someone I meet this way to become my client. At first, there is no transaction because they don’t know me well, and trust must be built over a very long time. Building trust is really hard. You have to enjoy your work and be respected in what you do. You need to show clients that 'this person is trustworthy and worthy of respect.' You must genuinely enjoy being with your clients. Even if you don’t say it, it all shows on your face."

Once, Seo took a week off for vacation. He planned to go to his favorite ski resort with friends. But he received a sudden call that an important client from Busan was coming to Seoul.

"If something like that happens, I forget about skiing. I prepare the cigarettes the client likes and wait for them. Skiing can wait until next time. Skiing is great, but I also enjoy meeting clients. I really love this job."

He is building a legend as a private banker (PB). With 34 years of experience in the financial investment industry, he has worked as a PB for 18 years. Since the business report publicly disclosed the top five individual compensation amounts exceeding 500 million won, Seo has rarely been absent from NH Investment & Securities’ 'Top 5.' He has been active as a PB since his early 40s, earning over 10 billion won in labor income alone. The funds Seo manages are in the trillions, with about 500 billion won actively managed excluding illiquid funds. His clients are high-net-worth individuals holding cash assets ranging from 1 billion to over 100 billion won.

I met Seo Jae-young, Executive Director of NH Investment & Securities, at the Seoul Finance Center Premier Blue Gangbuk Center. Photo by Huh Young-han younghan@

Building a Network Ahead of Others in the Web 3.0 Era

He is deeply immersed in new industries such as Web 3.0, artificial intelligence, blockchain, metaverse, and non-fungible tokens (NFTs). Web 3.0 refers to the next-generation internet characterized by decentralization and individual content ownership. It means returning profits, previously monopolized by platforms, back to users through technologies like blockchain and NFTs. Seo sees great investment opportunities in this field. He has published three books related to this: 'Web 3.0 Live Scene,' 'SNS Rich People of Korea,' and 'AI First.'

"Web 3.0 is not yet clearly defined, but the most important features are decentralization and personal ownership. YouTube videos are created by me, but Google makes money from them. The typical MZ generation mindset is, 'I made it, so I should earn the money!' The world will change in the direction this new generation thinks. We moved from analog to digital, but the generation born digital, who draw with a mouse, will now lead the world. For assets to be preserved and protected digitally, NFT technology must spread, and there are investment opportunities there. A single clip can sell for 100 million won. Take more interest in that area."

He has built personal networks early on with founders of major domestic companies leading the Web 3.0 era. These include The Sandbox, Redbrick, Com2uS, Supertree, Coinplug, NFT Bank, Blockwater, Uprise, Chain Partners, Blockore, and Gallery Stan.

"The reason I keep writing books is to meet the CEOs of these companies. Meeting such people is incredibly fun, and meeting entrepreneurs makes me very happy. I also enjoy writing books."

Seo graduated from Seoul National University with a degree in Computational Statistics (Computer Engineering) and entered the securities industry by developing research investment information systems. After switching to research, he became a fund manager, and since 2005, transformed into a salesperson and PB. When Merrill Lynch’s WM business division was acquired by Woori Investment & Securities, the predecessor of NH Investment & Securities, in 2011, he naturally became an 'NH man.' Leveraging his science background, he has recently expanded relationships with IT startup CEOs. Many startup personnel surround Seo, thanks to his 'footwork and effort.'

"I often have dinner meetings with people in their 20s and 30s. I keep asking, learning, and expanding. I’m 60 years old, so to get along with young CEOs in their 20s, I have to tone down my speech a bit. From my sales experience, I’ve learned that listening a lot is most appreciated. When you meet often, they are experts in their fields and explain well by combining technology and reality?why this field will be important in the future. I get a lot of very important information."

Why Semiconductors Again…Samsung and Hynix’s Ultra-Fine Processes and Korean SMEs

He has recently taken an interest in investing in domestic semiconductor SMEs.

"In Korea, we have world-class companies like Samsung Electronics and SK Hynix in semiconductors. As these companies move toward ultra-fine semiconductor processes, domestic partners are also developing alongside. Global major semiconductor equipment companies have a market value of at least 70 trillion won. These companies make only semiconductor equipment but are valued at 70 trillion won. Currently, no Korean semiconductor equipment company exceeds a market value of 3 trillion won. I believe the number of companies valued at 5 trillion or 10 trillion will increase in the future. When these companies develop equipment, Samsung and Hynix test everything. Companies in other countries find it hard to test their equipment, but in Korea, there are places to test, so there is support. Look closely at equipment companies that can cover ultra-fine semiconductor processes. I see opportunities there and have been visiting and investigating such companies a lot recently."

He expects the semiconductor market to continue growing. With the development of ChatGPT, artificial intelligence, autonomous driving, and the Internet of Things, the semiconductor industry is expanding, and Korean companies may benefit from the US-China conflict.

"The most critical companies in semiconductor equipment are all American. If China is banned from exporting, China will have to source from Korea. Japan has semiconductor technology but cannot produce now. This is another reason I see opportunities in the domestic semiconductor equipment sector."

The face of the 60-something investor explaining next-generation investment opportunities shone brightly. To him, money is "a means to be with people." Clients are "precious connections as dear as friends and family." Enjoying his work and valuing people, we learned a little more about the meaning of 'money and investment' from his demeanor.