Park Hyeon-joo formally named global strategy officer, as Mirae Asset adapts to new governance rules, rising overseas profits

Mirae Asset Group founder Park Hyeon-joo (Mirae Asset Securities)
Mirae Asset Group founder Park Hyeon-joo (Mirae Asset Securities)

Mirae Asset Group founder Park Hyeon-joo has been formally assigned to steer the brokerage’s global business strategy, cementing his role in driving the overseas expansion that now generates nearly a quarter of its profit.

Mirae Asset Securities said Wednesday that Park will serve as global strategy officer, tasked with setting mid- to long-term directions for international business, identifying growth opportunities and managing the group’s global strategy office.

While he has effectively played the role for years, this marks the first time the company has disclosed it publicly, underscoring both his influence and the firm’s commitment to clearer accountability.

The appointment comes under Korea’s revised corporate governance law, which introduced a “responsibilities map” system this year requiring financial institutions to assign ultimate accountability for key functions.

Securities firms began applying the framework in July to bolster internal controls and strengthen consumer protections.

For the founder, the move does not alter his nonexecutive, unregistered chair status. But it signals his willingness to adapt to regulatory change while formally anchoring the global portfolio that has defined Mirae Asset’s identity.

“With more than half his time spent overseas each year, Park has played a pivotal role in advising affiliate CEOs on global business decisions and is expected to continue serving as the group’s top strategist,” a Mirae Asset Securities official said.

He said the change was practical. “This is about strengthening the accountability system necessary for business strategy and shareholder value,” he said. “Based on our ‘client first’ philosophy, we aim to continue growing as a trusted global investment house.”

Global operations are increasingly central to Mirae Asset’s earnings.

Total client assets under management topped 1,000 trillion won ($718 billion) this year, with offshore affiliates handling 272 trillion won, or about 27 percent of the total.

In the first half of 2025, overseas units generated a record 223.8 billion won in pretax profit, accounting for 26 percent of the group’s total.

Park has described himself as a global strategy officer since 2016, narrowing his focus to international strategy while professional managers have taken charge of domestic operations. He has repeatedly emphasized Mirae Asset’s “no dynastic succession” model, saying the group’s survival depends on professional managers, not family heirs.

Six vice chairs from diverse backgrounds now form what he has called the “first generation of nonfounder leadership.”

That philosophy initially drew skepticism. In 2021, when Park first floated the idea of generational change, some investors questioned whether he would truly step back.

“From the start, I believed Mirae Asset should be an institution where anyone can become CEO,” he said in earlier interviews.

But his influence remained visible in shaping global expansion and key appointments, leading critics to ask why his name has been missing from the official responsibility structure.

His inclusion aligns with moves at other financial groups where founders or family figures have been named in responsibility frameworks.

Since opening its first overseas office in Hong Kong in 2003, Mirae Asset has expanded into 52 overseas units across 19 regions.

Mirae Asset Securities now operates the largest overseas network among Korean brokerages, with a presence in 11 markets, including the US, Hong Kong, India, Vietnam and Indonesia.

The firm’s strategy rests on five pillars -- overseas business, investment banking, trading, wealth management and principal investment -- tailored to each market.

Hong Kong has become the hub for its Greater China ambitions. Its asset management arm there pioneered Korean entry into the city’s exchange-traded fund market in 2011 and expanded into mainland ETFs through the Connect program in 2023.

Global X Hong Kong, the group’s ETF brand, leads expansion in the region, while Beijing and Shanghai offices focus on research and policy engagement.

In India, the group has become a leading retail broker, with more than 130 branches and 4,500 business partners. Mirae Asset Sharekhan, fully integrated in late 2024, offers brokerage, wealth management and research services, while Mirae Asset also operates index development, digital fund distribution and stock-backed lending platforms.


hnpark@heraldcorp.com