Mirae’s Park Takes on Wall Street

By Kang Seung-woo

Staff Reporter

Park Hyeon-joo, chairman of Mirae Asset Group, has mounted a challenge to Wall Street.

The 51-year-old said that the biggest asset management firm in the nation would sell emerging market funds in New York this summer.

``We are in negotiations with partners who will sell our fund here,'' he told reporters during his visit to the United States.

He gave a lecture on the company's success story at Harvard Business School Saturday (KST) and it was the first time for the school to focus on any South Korean financial firm.

``There are a lot of U.S. companies interested in Mirae Asset.''

Despite his challenge to the center of the world economy, he was optimistic.

``I would not come here if I did not have confidence," he said.

``I do not think we are not far behind Fidelity and Schroder, and we are strong in dealing with risk management.

``But we will find a small or medium company for our partner to prevent us from being handled by big budgets."

Park said it is the right time to do business with emerging market funds in the United States.

``The emerging market is comprised of 30 percent of the world economy, but just five percent of U.S. investment goes to it,'' he said.

``Time is ripe to sell the fund to Americans.

``We are setting our eyes on raising income from overseas businesses from 25 percent to 50 percent."