Park Hyeon-Joo
South Korean billionaire (born 1958) From Wikipedia, the free encyclopedia
South Korean billionaire (born 1958) From Wikipedia, the free encyclopedia
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 Hyeon-joo | |
|---|---|
Park in the office | |
| Born | Gwangju Metropolitan City, South Jeolla, South Korea |
| Citizenship | South Korea |
| Alma mater | Korea University (BA) |
| Occupation(s) | Businessman, investor, and philanthropist |
| Known for | Pioneering financial industry in South Korea |
| Title | Founder and Global Strategy Officer (GSO) of Mirae Asset Financial Group |
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.[1] 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.
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.[2]
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[3] 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.[4]
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.[5]
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.
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.[18][19]
Park led to achieving notable global investment activities of noteworthy landmarks in primary cities.
"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. [39]
In 2015, he donated 2 billion KRW of his personal fortune to the 'Youth Hope Fund', a project aimed at resolving youth unemployment.[40] 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.[41]
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.[42]
The main projects of the foundation are as follows:
Park, honoring the wishes of his greatest mentor, his mother, established the Mirae Asset Hope Foundation in 1998. [43]
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.
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.[44][45]
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: A Disruptive Innovator in the Korean Financial Industry[49]
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.’
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