• Source: Park Hyeon-Joo

Park Hyeon-joo is a South Korean billionaire business magnate and representative investment strategist. He is the founder of Mirae Asset Financial Group, which consists of asset management, investment banking, stock brokerage, life insurance, venture capital, and other financial services.
Park was born in Gwangju Metropolitan City. He graduated from Gwangju Cheil High School in 1977, and received his bachelor's degree in business from Korea University in 1983.
Park founded Mirae Asset Global Investment and Mirae Asset Capital in 1997, Mirae Asset Securities (hereinafter referred to as Mirae Asset Daewoo) in 1999, and subsequently founded Mirae Asset Venture Capital and so forth, and made Mirae Asset become Korea's leading independent financial conglomerate.
Park brought the concept of the mutual fund as well as real-estate fund, and private equity fund into Korea's financial market which has changed its market dramatically from conventional to innovation.
Park is a prominent philanthropist, pledging to donate all his dividend payouts of shares to Mirae Asset Park Hyeon Joo Foundation, founded in 2000 with his own wealth, since 2010. The foundation has been providing scholarships to underprivileged students and other outreach programs which have accumulated to around 270,000 students. (as of February 2019)
Park has been appointed as Global Strategy Officer (GSO) of Mirae Asset Financial Group in order to focus on global business and stepped down as a chairman of Mirae Asset Daewoo as of May 23, 2018.
The successful story of Mirae Asset Financial Group, led by Park, has been introduced in “The Case Centre” which is the world's most well-known case study institute.




Early life


Park was born in Gwangju Metropolitan city.
His father had passed away on the day when Park received the admission letter to Gwangju Cheil high school.
Park's mother always emphasized on integrity, trust, and sincerity which kept him straight whilst wandering after his father passed away.
Park has come to Seoul after getting admission from Korea University and lived by himself.
Park began to get interested in the stock market after catching the saying that “there is no improvement of capitalism without the development of the capital market”.
He, then, started to invest in listed stocks with the allowance that his mother sent since his Sophomore year of the college, and he was credited for the well-known stock investing college student amid Myeong-dong, Seoul.
Park has become to believe that the long-term investment on the blue-chip stock would eventually bring about good results and come up with the concept of value investing from the early stock experiences.




Business career






= Early business career

=
In 1985, at the age of 27, Park established an investment advisory services company on his own.
He, then, joined Tongyang Securities in 1986.
In 1988, Park left for Hanshin Investment Advisory Services company, which has changed its name into Dongwon Securities in April 1996, and acquired by Korea Investment Holdings in June 2005. Park managed the portfolio and recorded the highest return out of all the portfolio during the year. He, however, had been relocated to one of the branches at the time where the KOSPI rallied record-high of 1,007.77 pt and continuously down-turning afterward leading to recession. Despite having gone through hardship, he soon became a director of the branch at the age of 33, the youngest director in the company, and demonstrated the highest result out of 1,000 branches.
He recognized how important it is to trust and support each of the colleague's capability when managing a team, an organization, and this teamwork has become one of Mirae Asset Financial Group's core value.
The vision of the branch has been “go forward in order to spin the pinwheel although there are no winds”, and this is how Park could have had overcome hardship at his first experience of being a head of a branch.
Park received numerous offers proposing a remarkable salary, however, he cannot but reject all the offers in order to achieve his long-cherished dream and goal.




= Foundation of Mirae Asset Financial Group

=
Hyeonjoo Park founded Mirae Asset Global Investments and Mirae Asset Capital in June 1997 right after leaving the previous company. Within 6 months after the foundation, Mirae Asset suffered from 1997 financial crisis of South Korea, however, showed a tremendous investment performance by believing in South Korea's economy to rebound with contrary investment insights where Park is notable for his adherence to long-term and value investing.
In December 1998, Park launched the first retail mutual fund, “Park Hyeon Joo No.1” in South Korea and The Journal of Investment & Pension described that this fund was a great success.




= Merge and acquisition of Mirae Asset Financial Group

=
Park has grown Mirae Asset Financial Group into an independent financial conglomerate in South Korea by successfully acquiring a number of financial companies with his contrary investment philosophy and insights.

2004.02 Acquired SK Investment Trust Company, an affiliates of SK Group
2005.06 Acquired SK Life Insurance, an affiliates of SK Group
2011.11 Acquired Horizon ETF, a major ETF player in Canada
2011.11 Acquired BetaShares, a major ETF player in Australia
2016.12 Merge and acquisition of Daewoo Securities and Mirae Asset Securities
2016.12 Acquired KDB asset management company, formerly owned by Korea Development Bank
2017.07 Invested Vietnamese life insurance company, PRÉVOIR
2017.12 Acquired Korea-based PCA Life Insurance
2018.07 Acquired GlobalX, US ETF company




= Global expansion led by Park

=
Founder Park always has in mind to expand the business globally since the early stage, and is regarded as a global forerunner in South Korean financial industry.

2003.12 Established Mirae Asset Global Investment HK
2006.09 Established Mirae Asset Global Investment Vietnam (Hanoi)
2006.11 Established Mirae Asset Global Investment India
2007.01 Established Mirae Asset Securities HK
2007.03 Established Mirae Asset Global Investment UK
2007.07 Established Mirae Asset Global Investment Beijing
2007.12 Established Mirae Asset Securities Vietnam
2008.02 Established Mirae Asset Investment Advisory Beijing
2008.04 Established Mirae Asset Global Investment US
2008.04 Established Mirae Asset Global Investment Brazil
2008.08 Established Mirae Asset Securities US
2008.08 Established Mirae Asset Investment Advisory Shanghai
2010.08 Established Mirae Asset Securities Brazil
2012.10 Established Horizons ETFs LatAM
2016.01 Established Mirae Asset Global Investment Australia
2017.10 Established Mirae Asset Daewoo India
2019.09 Formed GlobalX Japan joint ventured with Daiwa Securities




= Notable global investments led by Park

=
Park led to achieving notable global investment activities of noteworthy landmarks in primary cities.

2011.08 Acquired major shares of Titleist
2013.09 Acquired Four Seasons Hotel, Sydney
2014.12 Acquired major shares of FRB building (1801 K St.), Washington DC, US
2015.05 Acquired major shares of The Fairmont Orchid, Hawaii
2015.12 Acquired major shares of Fairmont San Francisco
2016.07 Acquired major shares of Amazon head office, Phase VIII
2016.09 Acquired major shares of Hyatt Regency Waikiki Beach Resort & Spa




Philanthropy


"Rather than becoming the richest person in Korea, I want to be the greatest philanthropist," he says.
Since founding Mirae Asset, he has set 'social responsibility' one of the company's core values and established foundations dedicated to nurturing talent.
In a letter to employees in 2008, he promised to use all his dividends from 2010 onwards for the benefit of the nation's youth.
True to his word, he has been donating all his dividends from Mirae Asset to the foundation every year.
In 2015, he donated 2 billion KRW of his personal fortune to the 'Youth Hope Fund', a project aimed at resolving youth unemployment.
In 2023, he pledged to donate up to 25% of his shares in Mirae Asset Consulting to the Mirae Asset Hope Foundation to support the development of science and technology in South Korea and the nurturing of talent.




= Mirae Asset Park Hyeon Joo Foundation

=
The Mirae Asset Park Hyeon Joo Foundation is a social welfare corporation established by Park Hyeon-joo in 2000 with a personal investment of 7.5 billion KRW.
Under the slogan "Mirae Asset will be the hope of the youth," the foundation operates scholarship programs and various educational support initiatives aimed at nurturing talent.
Notably, the foundation's overseas exchange scholarship program has grown to be the largest of its kind in Korea.
The main projects of the foundation are as follows:

Global Exchange Scholarship Program: Provides academic encouragement grants for domestic undergraduate students participating in overseas exchange programs.
Future Generation Support Program: Offers overseas cultural exploration, digital experience education, customized book support, facility operating expenses, and cultural experience program activities for children residing in welfare facilities.
Donation Culture: Operates employee participation donation programs, matching grants, and special donation programs.




= Mirae Asset Hope Foundation

=
Park, honoring the wishes of his greatest mentor, his mother, established the Mirae Asset Hope Foundation in 1998.
He has stated, "I have always thought of money as being like a flower. When earned and spent righteously, money is as beautiful as a flower."
He added, "The person who instilled this philosophy in me was my greatest mentor, my mother. Reflecting on the teachings that shaped me, I established the foundation in her hometown."
Since its establishment, the foundation has been providing scholarships for academic and personal development to university students in Korea.




= Mirae Asset Foundation in India

=
Park has also engaged in establishing Mirae Asset Foundation in Mumbai, India in order to facilitate qualitative educational environments and more opportunities for young people in India. Its incorporation date is January 3, 2018.




Honors and awards


2008: the 40th Best South Korean Executive awarded by Korea Management Association
2009: the Master Entrepreneur by Ernst and Young
2011: the 1st Best Investment Executive awarded by Korea Financial Investment Association
2013: the 1st Entrepreneur Award by Maeil Economic Daily
2015: the 17th Best Enterprise awarded by the Korean Academic Society of Business Administration
2017: the 26th Best Dasan Award by Korea Economic Daily, Hankyung
2024: Park Hyeon-Joo to be Honored at AIB 2024 Seoul with International Executive of the Year Award [1]
‘Mr Park is the father of the Korean mutual fund industry and is now an asset investment advisor in 12 countries,’ said AIB, ’He has significantly improved the company's reputation and performance on the international stage, and has been recognised for his impeccable integrity and performance by stakeholders and competitors alike.’ This is only the second time a South Korean has won the award since the late SK Group Chairman Choi Chung-hyun in 1995.




Bibliography






= Harvard Business School case study

=
The successful story of Park and Mirae Asset Financial Group in such a short period of time within a decade was the first Asian financial company to be selected by Harvard Business School as a case study.
Mirae Asset: Korea's Mutual Fund Pioneer




= Seoul National University case study - the case centre

=
Mirae Asset: A Disruptive Innovator in the Korean Financial Industry




= AIB (Academy of International Business) International Executive of the Year Award

=
In July 2024, he was named International CEO of the Year by the Academy of International Business (AIB), the world's most prestigious management academic organisation.
He is the first Asian financier to be honoured, and only the second Korean to win the award since the late SK Group Chairman Choi Chung-hyun in 1995.
The Academy of International Business (AIB), headquartered in Michigan, USA, is the largest academic organisation in the field of international business, conducting research, cross-national academic exchanges, and seminars. Its membership includes more than 3,400 professionals from more than 90 countries, including renowned academics and global industry leaders.
Park was recognised for his leadership in developing Mirae Asset Group into a world-class investment bank. ‘He is the father of Korea's mutual fund industry and is now an asset investment advisor in 12 countries,’ said AIB. ’He has significantly improved the company's reputation and performance on the international stage and has been recognised by stakeholders and competitors alike for his impeccable integrity and performance.’




= Books about Park

=
Money is a beautiful flower, Park Hyeon Joo, Kim Young Sa, 27 August 2007, ISBN 978-89-349-2580-4
Park Hyeon Joo, creating a better future, Chan-Sun Hong, Young-Am Park, Sung-Ju Oh, Sung-Ho Kim and Byung-Yoon Chung, Olim, 5 October 2007, ISBN 978-89-958839-8-3




= Park's interviews

=
Long-term investments requires trust, Nomura Research Institute, 12/10/2010
For asset manager Mirae, a future beyond Korea, The Wall Street Journal, 01/10/2007
24 years of financial industry, Mirae Asset Park Hyeon Joo, Shin-dong-a, 08/11/2004
Interview of Park Hyeon Joo, a founder of Mirae Asset Financial Group, Hankyung, 24/12/2015




References






External links


Mirae Asset Financial Group
Mirae Asset Global Investment
Mirae Asset Daewoo
Mirae Asset Venture Investment

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