Value context and insight. lkm@koreatimes.co.kr
Byun to head Mirae Asset Life
Byun Jae-sang
By Lee Kyung-min
By Lee Kyung-min
Former Mirae Asset Daewoo CEO Byun Jae-sang will take the helm of Mirae Asset Life the firm said Thursday, after a recommendation committee selected him, Feb 8.
The stock specialist will take office in March upon final approval at a regular shareholders' meeting the same month.
The life insurance affiliate of Mirae Asset Financial Group will have two separate control towers with Byun in charge of the firm's overall management and another CEO of the firm, Ha Man-deog in charge of sales.
“We believe Byun, a seasoned brokerage expert, has a lot to offer as our new head. He will contribute to the effective management of the firm and help improve our corporate culture that prioritizes professionalism,” a Mirae Asset Life official said.
Byun graduated from Daejeon High School and Seoul National University as a law major.
Starting his career at Samsung Securities in the 1990s, Byun joined Mirae Asset Securities in 2000 at the recommendation of Mirae Asset Chairman and founder Park Hyeon-joo.
Byun became a bond manager in 2005 and has broad experience in management as well as public relations.
He took charge of the brokerage's retail business division in 2011 and served as the head of the company in its retail, overseas and management service divisions from 2013 to 2015.
In 2016, he moved to Mirae Asset Life as the head of the insurer's corporate division after spending 16 years in the securities arm of Mirae Group. After two years, he returned to Mirae Asset Daewoo's innovation project division.
According to data from the Financial Supervisory Service, Mirae Asset Life Insurance posted 101.8 billion won ($90.6 million) in net income in 2018, a 53.9 percent decrease from a year earlier.
Mirae Asset Financial Group was one of Korea's first asset managers to launch mutual and real estate trust funds in Korea.