Business - The Korea Times

Samil PwC, PwC Consulting announce leadership appointments amid AI push

Samil PwC, Korea’s largest accounting firm by revenue, and its consulting affiliate, PwC Consulting, announced a new slate of leadership and partner appointments Friday, underscoring the firms’ growing focus on artificial intelligence (AI) and digital transformation. At Samil PwC, Jung Min-soo was named head of tax advisory. With three decades of experience, Jung previously led the firm’s domestic tax practice and advised clients on matters ranging from tax audits and disputes to refund claims. He also spearheaded the development of Tax Agent, Samil PwC's generative AI platform for tax services. The six appointed deputy leaders include mergers and acquisitions expert Kwak Yun-goo, banking and capital market specialist Kim Kyoung-koo, cross-border transactions and U.S. listings adviser Daniel Fertig, insurance specialist Lee Jun-ho, corporate governance adviser Choi Chang-yoon and mergers and acquisitions advisory expert Hong Jin-o. Among the 33 newly promoted partners are professionals specializing in semiconductors, telecommunications and insurance, as well as emerging areas such

Jun 5, 2026By Park Han-sol

Samil PwC, PwC Consulting announce leadership appointments amid AI push

Mirae Asset hosts global ETF rally to map its next growth phase

Mirae Asset Global Investments convened executives from across its international exchange-traded fund (ETF) businesses this week to map out the next phase of its growth strategy, the company said Thursday. The three-day “Mirae Asset Rally 2026,” held from June 1 to 3 at Sagewood Hongcheon in Gangwon Province, brought together leaders from the firm’s ETF businesses across major markets to review performance and discuss future opportunities. The gathering comes as Mirae Asset’s global ETF business reaches new milestones. Assets under management have climbed to 428 trillion won ($279 billion), making the firm the world’s 11th-largest provider of exchange-traded funds. In the U.S., Global X has surpassed $100 billion in assets, while TIGER ETF, Mirae Asset’s flagship ETF platform in Korea, has also crossed the $100 billion threshold. In Japan, Global X Japan recently exceeded 1 trillion yen in assets just six years after launch. The expansion reflects a vision long championed by founder Park Hyeon-joo, who has argued that asset managers must look beyond their home markets and cre

Jun 4, 2026By Park Han-sol

Mirae Asset hosts global ETF rally to map its next growth phase

Overshadowed by KOSPI rally, bank stocks pin hopes on rate hikes

Banking stocks have largely remained on the sidelines despite the KOSPI’s record-setting rally this year, according to Korea Exchange (KRX) data Monday. Analysts said investor attention and liquidity have flowed heavily into brokerage firms and other market beneficiaries, leaving bank shares, often regarded as defensive investments, struggling to keep pace with the broader market. Still, they believe the banking sector may be poised for a rebound, supported by expectations of interest rate hikes in the second half, more proactive shareholder return programs and relatively low valuations despite solid earnings power. According to KRX industry indices, as of Friday, the banking index gained only 14.46 percent this year, lagging far behind the KOSPI’s 101.13 percent rally over the same period. The semiconductor index surged 163.34 percent and construction stocks advanced 96.22 percent, while other financial sectors such as brokerages and insurers posted solid gains of 67.9 percent and 44.56 percent, respectively. Reflecting the sector’s weak share performance, the combined market capit

Jun 1, 2026By Jun Ji-hye

Overshadowed by KOSPI rally, bank stocks pin hopes on rate hikes

Mirae Asset surpasses $263.7 bil. in global ETF assets

Mirae Asset Global Investments’ global exchange-traded fund (ETF) assets under management have surpassed 400 trillion won ($263.7 billion), reaching the milestone just five months after topping 300 trillion won at the end of 2025, the company said Monday. As of Sunday, the firm’s ETF assets stood at around 421 trillion won across 13 markets, including Korea, the United States, Australia, Europe, Hong Kong and Japan. According to ETFGI, this total ranks Mirae Asset as the world’s 12th-largest ETF manager. The latest milestone comes as the company’s two flagship ETF platforms in Korea and the U.S. near the $100 billion threshold in assets. TIGER ETF, its domestic ETF franchise, managed roughly 160 trillion won at the end of May. Meanwhile, its U.S. subsidiary Global X’s assets have climbed to $98.6 billion from $8 billion when Mirae Asset first acquired the business in 2018. In Korea, much of TIGER’s growth has been fueled by retirement and long-term investment flows into benchmark index funds tracking the KOSPI 200, S&P 500 and Nasdaq 100. The firm has also gained traction in

Jun 1, 2026By Park Han-sol

Mirae Asset surpasses $263.7 bil. in global ETF assets

KRX issues buy-side sidecar for KOSPI on steep rise

The Korea Exchange (KRX) on Monday activated a trading halt on the main bourse after a sharp rally led by tech firms. Program trading for the Korea Composite Stock Price Index (KOSPI)-listed stocks was suspended for five minutes at around 11:30 a.m., according to the KRX. The benchmark KOSPI spiked 379.53 points, or 4.48 percent, to 8,855.68 as of 11:40 a.m. after opening at a record high. A buy-side sidecar is triggered when the KOSPI 200 Futures index increases 5 percent or more for at least one minute.

Jun 1, 2026By Yonhap

KRX issues buy-side sidecar for KOSPI on steep rise

Court rules in favor of Iran's Mellat Bank in compensation suit against BOK

A Seoul court has ruled in favor of Mellat Bank in a suit against the Bank of Korea (BOK) over its denial of a 2019 request to open a new bank account to operate surplus funds, judiciary sources said Friday. The Seoul Central District Court delivered the verdict on Thursday and ordered the BOK to pay compensation of 10 billion won ($6.6 million) and interest on arrears, according to the sources. In June 2019, the BOK rejected Mellat Bank's request to temporarily deposit 10 billion won by using a one-day deposit policy of the central bank, citing the absence of transaction records with other financial institutions. In December 2024, Mellat Bank filed the suit seeking 10 billion won in initial compensation, claiming the BOK's move incurred a combined loss of 104.5 billion won in interest. The BOK said it denied the request in principle of good faith as the Iranian bank was on the U.S. government's Specially Designated Nationals list, but the court did not acknowledge such a claim as validating the decision. Following the ruling, Mellat Bank confirmed the 10 billion-won compensation in the f

May 29, 2026By Yonhap

Court rules in favor of Iran's Mellat Bank in compensation suit against BOK

Deloitte Korea's new leadership takes helm

Deloitte Korea said Thursday a new leadership lineup under incoming CEO Kil Ki-wan, who is set to begin a four-year term on Monday, the start of the group’s new fiscal year. Kil will oversee the operations of the group’s affiliates, including Deloitte Anjin, one of the country’s four largest accounting firms, and Deloitte Consulting Korea. The new eight-member executive team consists of Kil; Kwon Jee-won, head of sales and marketing; Kim Dong-hwan, head of audit and assurance; Kim Ji-hyun, head of tax advisory; Nam Sang-wook, head of financial advisory; Bae Jae-min, head of consulting; COO Kim Suk-ki; and CRO Hwang Seung-hee. Among the notable appointments is Kwon, a longtime adviser to major corporate clients, who will oversee the group’s sales and marketing strategy. Kim Ji-hyun’s appointment as head of tax advisory also marks the first time a woman has led one of the group’s main business divisions. “Even in the era of artificial intelligence, the competitiveness of an accounting firm ultimately rests on client trust,” Kil said. “We will continue strengthening our co

May 28, 2026By Park Han-sol

Deloitte Korea's new leadership takes helm

Brokerage employment hits 17-year high amid KOSPI rally

Brokerage employment in Korea has climbed to its highest level in 17 years, nearing the 40,000 mark as the KOSPI's record-setting rally boosts hiring demand across the industry, data showed Wednesday. Data from the Financial Supervisory Service, the country's financial watchdog, showed that the number of employees at securities firms totaled 39,514 at the end of last year. The figure includes staff employed at overseas branches of Korean brokerages as well as domestic branches of foreign securities firms. The latest tally marks the industry's largest workforce since September 2008, when employment stood at 40,341 during the early stages of the global financial crisis. Data from the Bank of Korea showed a similar trend. According to the central bank's Economic Statistics System, securities firms employed 39,711 people as of the end of the first quarter, up 181 from the previous quarter and 819 from a year earlier. It was the highest level since the central bank began compiling the data series in the third quarter of 2014. By firm, Mirae Asset Securities remained the industry's largest emplo

May 28, 2026By Jun Ji-hye

Brokerage employment hits 17-year high amid KOSPI rally

Koramco bets on talent development through AI, overseas training programs

Koramco Asset Management and its affiliate, Koramco REITs Management and Trust, are ramping up efforts to strengthen employees’ hands-on expertise as the firms deepen their sector-focused investment strategy, rolling out initiatives ranging from overseas training and an in-house MBA program to artificial intelligence (AI) education, the company said Wednesday. About 50 employees have participated in the company’s flagship overseas training program so far, visiting more advanced real estate markets such as Japan and Singapore to study large-scale mixed-use developments, global REITs and investment platform models firsthand. Koramco also recently launched an in-house MBA course in partnership with Hanyang University’s Graduate School of Real Estate to provide more structured training for midlevel managers and key talent. The two companies have been expanding digital training as well. Since late last year, Koramco has operated AI-focused programs covering practical tasks such as visualizing investment memorandum materials, modeling loan and dividend-return scenarios under different m

May 27, 2026By Park Han-sol

Koramco bets on talent development through AI, overseas training programs

Korean financial firms, pension funds' overseas private debt investments near $37.2 bil.

Korean financial companies and pension funds' investments in overseas private debt funds totaled nearly 56 trillion won ($37.2 billion) this year, data showed Tuesday. Financial companies had invested 30.5 trillion won in overseas private debt funds as of end-February, while pension funds funneled 25.4 trillion won into such assets, according to data compiled by the Financial Supervisory Service (FSS). The combined amount marked a 32.7 percent increase from 40.7 trillion won recorded at the end of 2023. Financial companies' investments had accounted for 0.42 percent of their total assets worth 7,315.3 trillion won as of the end of 2025. The FSS said it plans to closely monitor related investments and maintain close cooperation with relevant ministries. Private debt funds are high-risk investment vehicles that pool capital from investors to provide loans directly to private, non-investment-grade companies, typically offering floating-rate returns.

May 26, 2026By Yonhap

Banking & Finance