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{{Short description|South Korean billionaire (born 1958)}} {{Short description|South Korean billionaire (born 1958)}}{{Infobox person
{{COI|date=December 2024|talk=Possible conflict of interest editors}}{{Infobox person
| name = Park Hyeon-joo | name = Park Hyeon-joo
| image = Mirae Asset Park Hyeon Joo 9.jpg | image = Mirae Asset Park Hyeon Joo 9.jpg
| caption = Park in the office | caption = Park in 2015
| birth_date = {{Birth date and age|1958|10|17}}
| birth_place = ], South Korea | birth_place = ], South Korea
| citizenship = South Korea | citizenship =
| alma mater = ] (BA) | alma mater = ] (BA, 1983)
| occupation = Businessman, investor, and philanthropist | occupation = Businessman
| known_for = Pioneering financial industry in South Korea | employer = ]
| known_for =
| title = Founder and Global Strategy Officer (GSO) of Mirae Asset Financial Group
| title =
| children = 3
}} }}
'''Park Hyeon-joo''' is a South Korean billionaire business magnate and representative investment strategist. He is the founder of ], which consists of asset management, investment banking, stock brokerage, life insurance, venture capital, and other financial services.


'''Park Hyeon-joo''' ({{Korean|hangul=박현주}}; born October 17, 1958<ref name=":0">{{Cite web |last=박 |first=혜린 |date=2024-07-19 |title= 박현주 미래에셋그룹 회장 |url=https://www.businesspost.co.kr/BP?command=article_view&num=359440 |access-date=2024-12-26 |website=비즈니스포스트 |language=ko}}</ref>) is a South Korean businessman. He is the founder of ] and a ].<ref name=":1">{{Cite web |title=Park Hyeon-joo |url=https://www.forbes.com/profile/park-hyeon-joo/ |access-date=2024-12-26 |website=Forbes |language=en}}</ref> Called the "father of South Korea's mutual fund industry",<ref>{{Cite web |last=Choe |first=Man-Su |date=2024-07-03 |title=AI to drive Mirae Asset's next-phase growth: chairman |url=https://www.kedglobal.com/leadership-management/newsView/ked202407030009 |access-date=2024-12-26 |website=KED Global |language=en}}</ref><ref name=":1" /><ref name=":2">{{Cite web |date=2024-06-26 |title=Mirae Asset boasts global presence after 20 years of pioneering business |url=https://www.koreatimes.co.kr/www/biz/2024/12/602_377478.html |access-date=2024-12-26 |website=The Korea Times |language=en}}</ref> he established the first mutual fund in the country in 1998.<ref name=":3">{{Cite news |date=2007-10-01 |title=For Asset Manager, a Future Beyond Korea |url=https://www.wsj.com/articles/SB119118732679144061 |access-date=2024-12-26 |work=Wall Street Journal |language=en-US |issn=0099-9660}}</ref>
Park was born in ]. He graduated from Gwangju Cheil High School in 1977, and received his bachelor's degree in business from ] in 1983.


He is among the ]. In December 2024, ] estimated his net worth as ]1.1 billion and ranked him 31st richest in the country.<ref name=":1" />
Park founded ] and Mirae Asset Capital in 1997, ] (hereinafter referred to as ]) in 1999, and subsequently founded Mirae Asset Venture Capital and so forth, and made Mirae Asset become Korea's leading independent financial conglomerate.


== Biography ==
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 was born on October 17, 1958 in ], South Korea. In 1977, he graduated from ]. In 1983, he graduated from ] with a bachelor's in business administration.<ref name=":0" />


In 1986, he joined Dongyang Securities ({{Korean|hangul=동양증권|labels=no}}; now part of ]). In 1991, he became branch manager of Dongwon Securities ({{Korean|hangul=동원증권|labels=no}}; now part of {{Ill|Korea Investment & Securities|ko|한국투자증권}}). In 1996, he was made director of the Gangnam branch of Dongwon Securities.<ref name=":0" />
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.<ref>{{Cite web|url=http://www.theinvestor.co.kr/view.php?ud=20180403000303|title=Mirae Asset's Park Hyeon-joo donates dividends for 8th straight year|website=www.theinvestor.co.kr|language=en|access-date=2019-03-26}}</ref> 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)


On July 18, 1997,<ref name=":4">{{Cite web |date=2009-10-11 |title=Investing with an eye for the future |url=https://koreajoongangdaily.joins.com/2009/10/11/industry/Investing-with-an-eye-for-the-future/2911150.html |access-date=2024-12-26 |website=koreajoongangdaily.joins.com |language=en}}</ref> he cofounded Mirae Asset Investment Advisory and Mirae Asset Global Investments, along with eight colleagues from the securities industry. The company was the first professional asset management company in Korean history.<ref name=":0" /> In December 1998, he established the first mutual fund in the country,<ref name=":3" /> which was called "Park Hyeon-joo No. 1" ({{Korean|hangul=박현주1호|labels=no}}).<ref name=":0" /><ref name=":4" /> The mutual fund quickly proved to be extremely popular, and sold out within hours of its launch.<ref name=":4" /> In 2001, he became the chairman of Mirae Asset Group.<ref name=":0" /> The company began expanding internationally beginning in 2004.<ref name=":2" />
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.


In 2009, ] created a case study on Park and his experience at Mirae Asset.<ref>{{Cite web |date=2009-12-09 |title=Harvard Business School to Study Mirae Asset Group |url=https://www.koreatimes.co.kr/www/tech/2019/03/693_56955.html |access-date=2024-12-26 |website=The Korea Times |language=en}}</ref> Beginning in 2010, he began donating all his received ] to talent development and social welfare programs through his foundation, the ].<ref>{{Cite web |title=Mirae Asset’s Park Hyeon-joo donates dividends for 13th consecutive year |url=https://pulse.mk.co.kr/news/english/10710544 |access-date=2024-12-26 |website=Pulse |publisher=] |language=ko}}</ref>
== Early life ==
Park was born in Gwangju.


In 2020, a subcompany of Mirae Asset, the vast majority of which was held by Park and his family (91.86%), was fined for unfair transactions that benefitted the owners of the company. Park did not receive any criminal charges for this, as Park did not order the transaction.<ref>{{Cite web |date=2023-12-19 |title=Mirae Asset chairman named 'Executive of the Year' |url=https://koreatimes.co.kr/www/biz/2024/12/126_365391.html |access-date=2024-12-26 |website=The Korea Times |language=en}}</ref><ref>{{Cite web |date=2020-05-27 |title=Mirae Asset hit with big fine for antitrust violations |url=https://koreajoongangdaily.joins.com/2020/05/27/finance/miraeasset-ftc-ftcfine/20200527173000216.html |access-date=2024-12-26 |website=koreajoongangdaily.joins.com |language=en}}</ref>
His father had passed away on the day when Park received the admission letter to Gwangju Cheil high school.


== Personal life ==
Park's mother always emphasized on integrity, trust, and sincerity which kept him straight whilst wandering after his father passed away.
He is married to Kim Mi-gyeong ({{Korean|hangul=김미경|labels=no}}). The couple have children Park Ha-min ({{Korean|hangul=박하민|labels=no}}), Park Eun-min ({{Korean|hangul=박은민|labels=no}}),<ref>{{Cite web |date=2010-04-26 |title=Mirae Asset to enter U.S., top exec says |url=https://koreajoongangdaily.joins.com/2010/04/26/finance/Mirae-Asset-to-enter-US-top-exec-says/2919711.html |access-date=2024-12-26 |website=koreajoongangdaily.joins.com |language=en}}</ref><ref name=":0" /> and Park Jun-beom ({{Korean|hangul=박준범|labels=no}}). Their three children have each studied in the United States.<ref name=":0" />


== Awards ==
Park has come to Seoul after getting admission from ] 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.


* Korea Management Award ({{Korean|hangul=한국의 경영자상|labels=no}}) (2008)<ref name=":0" />
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.<ref>{{Cite book|title=Money is beautiful flower|last=Park|first=Hyeon Joo|publisher=Kim Young Sa|year=2007|isbn=978-89-349-2580-4|location=South Korea|pages=15–19}}</ref>
* {{Ill|Dasan Financial Prize|lt=Dasan Financial Grand Prize|ko|다산금융상}} (2017)<ref name=":0" />

* ], ] (2024)<ref>{{Cite web |date=2024-07-23 |title=Mirae Asset moves to leap toward global top tier on recognition of leadership |url=https://www.koreatimes.co.kr/www/biz/2024/11/602_379187.html |access-date=2024-12-26 |website=The Korea Times |language=en}}</ref>
== 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 ] in 1986.
In 1988, Park left for Hanshin Investment Advisory Services company, which has changed its name into ]<ref>{{Cite web|url=https://terms.naver.com/entry.nhn?cid=46630&docId=544483&categoryId=46630|title=동원증권㈜|website=terms.naver.com|language=ko|access-date=2019-03-26}}</ref> in April 1996, and acquired by ] 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 ] 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.<ref>{{Cite book|title=Money is beautiful flower|last=Park|first=Hyeon Joo|publisher=Kim Young Sa|year=2007|isbn=978-89-349-2580-4|location=South Korea|pages=67–84}}</ref>

=== 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.<ref>{{Cite web|url=https://www.asiaasset.com/15th2010_mirae.aspx|title=Mirae Asset's focus on global emerging markets - Asia Asset Management - The Journal of Investments & Pensions|website=www.asiaasset.com|access-date=2019-03-26}}</ref>

=== Merge and acquisition of Mirae Asset Financial Group ===

Park has grown ] 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 ]
* 2005.06 Acquired SK Life Insurance, an affiliates of ]<ref>{{Cite web|url=http://www.asiainsurancereview.com/News/View-NewsLetter-Article?id=3238&Type=eDaily|title=South Korea: Mirae Asset Buys SK Life|website=Asia Insurance Review|language=en-US|access-date=2019-03-26}}</ref><ref>{{Cite web|url=https://www.scotsman.com/business/companies/financial/mirae-eyes-bid-to-keep-sk-life-in-korean-hands-1-1052614|title=Mirae eyes bid to keep SK Life in Korean hands|website=www.scotsman.com|language=en|access-date=2019-03-26}}</ref>
* 2011.11 Acquired Horizon ETF,<ref>{{Cite web|url=https://www.businesswire.com/news/home/20111114006708/en/Mirae-Asset-Completes-Acquisition-85-Stake-Horizons|title=Mirae Asset Completes Acquisition of 85% Stake in Horizons ETFs|date=2011-11-14|website=www.businesswire.com|language=en|access-date=2019-03-26}}</ref> a major ETF player in Canada
* 2011.11 Acquired ], a major ETF player in Australia
* 2016.12 Merge and acquisition of Daewoo Securities and {{ill|Mirae Asset Securities|ko|미래에셋증권}}<ref>{{Cite web|url=https://nexchange.com/article/9228|title=Mirae's Park Hyeon-joo to take control of Daewoo Securities {{!}} NexChange|last=NexChange|website=nexchange.com|access-date=2019-03-26}}</ref><ref>{{Cite web|url=https://www.spglobal.com/marketintelligence/en/news-insights/trending/u8sawm0blz9dtt1-x__xrw2|title=Mirae Asset Daewoo, Mirae Asset Securities complete merger|website=www.spglobal.com|language=en-us|access-date=2019-03-26}}</ref><ref>{{Cite web |url=https://www.ftse.com/products/index-notices/home/getnotice/?id=1904884 |title=Archived copy |access-date=2019-03-26 |archive-date=2019-03-27 |archive-url=https://web.archive.org/web/20190327092137/https://www.ftse.com/products/index-notices/home/getnotice/?id=1904884 |url-status=dead }}</ref><ref>{{Cite web|url=https://www.ftse.com/products/index-notices/home/getnotice/?id=1904884|title=Mirae Asset Daewoo (Korea): Merger with Mirae Asset Securities (Korea) Changes in FTSE4Good Index Series|date=12 December 2016|website=FTSE|access-date=26 March 2019|archive-date=27 March 2019|archive-url=https://web.archive.org/web/20190327092137/https://www.ftse.com/products/index-notices/home/getnotice/?id=1904884|url-status=dead}}</ref>
* 2016.12 Acquired KDB asset management company,<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=320672126|website=www.bloomberg.com|access-date=2019-03-26|title=Stocks}}</ref> formerly owned by ]
* 2017.07 Invested Vietnamese life insurance company, '''PRÉVOIR'''<ref>{{Cite news|url=https://www.reuters.com/article/vietnam-insurance-deals-idUSL3N1JW30J|title=S.Korea's Mirae invests $48.4 mln in Vietnamese insurance firm|date=2017-07-05|work=Reuters|access-date=2019-03-26|language=en}}</ref> ''' '''
* 2017.12 Acquired Korea-based PCA Life Insurance<ref>{{Cite news|url=https://www.reuters.com/article/brief-mirae-asset-life-insurance-to-merg-idUSL3N1JN1KB|title=BRIEF-MIRAE ASSET Life Insurance to merge with PCA Life Insurance|date=2017-06-26|work=Reuters|access-date=2019-03-26|language=en}}</ref><ref>{{Cite web|url=https://pulsenews.co.kr/view.php?year=2017&no=846897|title=Mirae Asset Life's acquisition of PCA Life clears regulatory hurdle - Pulse by Maeil Business News Korea|website=pulsenews.co.kr|language=ko|access-date=2019-03-26}}</ref>
* 2018.07 Acquired ],<ref>{{Cite web|url=http://www.koreaherald.com/view.php?ud=20180828000643|title=Mirae Asset secures foothold in overseas ETF business|date=2018-08-28|website=]|language=en|access-date=2019-03-26}}</ref> 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.<ref>{{Cite web|url=http://www.koreaherald.com/view.php?ud=20190326000553|title=Mirae Asset to expand presence in Asia: founder says in letter to employees|date=2019-03-26|website=]|language=en|access-date=2019-03-28}}</ref><ref>{{Cite web|url=https://pulsenews.co.kr/view.php?year=2019&no=178947|title=Korea's Mirae Asset Group to enter Japan for bigger global outreach - Pulse by Maeil Business News Korea|website=pulsenews.co.kr|language=ko|access-date=2019-03-28}}</ref>

* 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<ref>{{Cite web|url=http://www.asiae.co.kr/news/view.htm?idxno=2008090117560813576|script-title=ko:미래에셋증권, 상해에 투자자문업체 설립|date=2008-09-01|website=아시아경제|language=ko|access-date=2019-03-26}}</ref><ref>{{Cite web|url=http://www.etoday.co.kr/news/section/newsview.php?TM=news&SM=2199&idxno=182157|script-title=ko:미래에셋증권, 상해 법인 설립|date=2008-09-01|website=이투데이|language=ko|access-date=2019-03-26}}</ref>
* 2010.08 Established Mirae Asset Securities Brazil
* 2012.10 Established Horizons ETFs LatAM<ref>{{Cite web|url=http://www.globenewswire.com/news-release/2012/10/25/499902/10009759/en/Horizons-ETFs-Enters-Latin-American-Market-in-Joint-Venture-With-Grupo-InterBolsa.html|title=Horizons ETFs Enters Latin American Market in Joint Venture With Grupo InterBolsa|last=Inc|first=Horizons Exchange Traded Funds|date=2012-10-25|website=GlobeNewswire News Room|access-date=2019-04-29}}</ref><ref>{{Cite web|url=https://www.cnbc.com/id/100044629|title=Horizons ETFs Enters Latin American Market in Joint Venture With Grupo InterBolsa|last=CNBC|date=2012-10-25|website=]|access-date=2019-04-29}}{{dead link|date=November 2024|bot=medic}}{{cbignore|bot=medic}}</ref>
* 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<ref>{{Cite web|url=https://www.etfstrategy.com/global-x-partners-with-daiwa-on-japan-etf-venture/|title=Global X partners with Daiwa on Japan ETF venture|date=2019-09-10|website=ETF Strategy|language=en-US|access-date=2020-01-05}}</ref><ref>{{Cite web|url=https://fundselectorasia.com/us-specialist-etf-firm-eyes-asia/|title=US specialist ETF firm eyes Asia|last=Acosta|first=Francis Nikolai|date=2019-11-11|website=Fund Selector Asia|language=en-GB|access-date=2020-01-05}}</ref>

=== 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 ]<ref>{{Cite news|url=https://www.reuters.com/article/us-fila-fortunebrands-idUSTRE74J2O520110520|title=Fila Korea buys Titleist golf company for $1.2 billion|date=2011-05-20|work=Reuters|access-date=2019-03-26|language=en}}</ref><ref>{{Cite web|url=http://www.financeasia.com/News/258206,fila-korea-and-mirae-asset-buy-titleist-and-footjoy-brands.aspx|title=Fila Korea and Mirae Asset buy Titleist and Footjoy brands|website=FinanceAsia|access-date=2019-03-26}}</ref><ref>{{Cite web|url=https://leisurelinkgolf.wordpress.com/2011/05/24/fila-korea-and-mirae-asset-buy-titleist-and-footjoy-brands/|title=Fila Korea and Mirae Asset buy Titleist and Footjoy brands|date=2011-05-24|website=Leisure Link Golf's Blog|language=en|access-date=2019-03-26}}</ref>{{Unreliable source?|reason=See reliable sources list on ]|date=December 2024}}
* 2013.09 Acquired Four Seasons Hotel, ]<ref>{{Cite web|url=https://www.smh.com.au/business/companies/four-seasons-sold-for-340-million-20130821-2saw4.html|title=Four Seasons sold for $340 million|last=Cummins|first=Carolyn|date=2013-08-21|website=]|language=en|access-date=2019-03-26}}</ref><ref>{{Cite web|url=https://theurbandeveloper.com/articles/sydneys-four-seasons-hotel-sold-in-record-breaking-deal|title=Sydney's Four Seasons Hotel sold in record-breaking deal|last=Object|first=object|date=2013-08-28|website=The Urban Developer|language=en|access-date=2019-03-26}}</ref><ref>{{Cite web|url=https://pulsenews.co.kr/view.php?year=2017&no=397016|title=Value of Four Seasons Hotel in Sydney owned by Mirae Asset jumps 56% - Pulse by Maeil Business News Korea|website=pulsenews.co.kr|language=ko|access-date=2019-03-26}}</ref>
* 2014.12 Acquired major shares of FRB building (1801 K St.), ], US<ref>{{Cite web|url=https://www.bizjournals.com/washington/breaking_ground/2015/01/dc-notches-first-downtown-investment-sale-of-15.html|title=Somerset Partners parts with 1801 K St. NW in first downtown investment sale of 2015|website=www.bizjournals.com|access-date=2019-03-26}}</ref>
* 2015.05 Acquired major shares of ], ]<ref>{{Cite web|url=https://www.bizjournals.com/pacific/news/2015/05/15/korean-firm-buys-hawaiis-fairmont-orchid-hotel-for.html|title=Korean firm buys Hawaii's Fairmont Orchid hotel for $200.3M|website=www.bizjournals.com|access-date=2019-03-26}}</ref><ref>{{Cite web|url=https://www.hotel-online.com/press_releases/release/brief-korean-company-buys-hawaii-island-hotel|title=Korean Company, Mirae Asset Global Investments, Buys Fairmont Orchid Hawaii for $220 Million|website=Hotel Online|access-date=2019-03-26}}</ref>
* 2015.12 Acquired major shares of ] ]<ref>{{Cite web|url=https://www.businesswire.com/news/home/20151124006180/en/Fairmont-San-Francisco-Hotel-Interests-Sold-Mirae|title=Fairmont San Francisco Hotel Interests Sold To Mirae Asset Global Investments For $450 Million|date=2015-11-24|website=www.businesswire.com|language=en|access-date=2019-03-26}}</ref>
* 2016.07 Acquired major shares of ] head office, Phase VIII<ref>{{Cite web|url=https://www.seattletimes.com/business/amazon-building-sells-for-nearly-250-million-to-asian-firm/|title=Amazon building sells for nearly $250 million to Asian firm|date=2016-07-11|website=The Seattle Times|language=en-US|access-date=2019-03-26}}</ref><ref>{{Cite web|url=http://rebusinessonline.com/mirae-asset-global-investments-acquires-amazon-headquarters-building-in-seattle-for-246-8m/|title=Mirae Asset Global Investments Acquires Amazon Headquarters Building in Seattle for $246.8M – REBusinessOnline|last=Cannon|first=Christina|date=22 July 2016|language=en-US|access-date=2019-03-26}}</ref>
* 2016.09 Acquired major shares of Hyatt Regency Waikiki Beach Resort & Spa<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2016-06-08/blackstone-said-to-have-over-200-million-profit-in-hawaii-deal|title=Blackstone Said to Have $200 Million Profit in Hawaii Deal|newspaper=Bloomberg.com|date=8 June 2016|access-date=2019-03-26}}</ref>

== 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.<ref></ref>

In 2015, he donated 2 billion KRW of his personal fortune to the 'Youth Hope Fund', a project aimed at resolving youth unemployment.<ref></ref>
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.<ref></ref>

===]===
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.<ref></ref>

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.<ref></ref>

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.<ref>{{Cite web|url=https://economictimes.indiatimes.com/company/|title=Mirae Asset Foundation Information - Mirae Asset Foundation Company Profile, Mirae Asset Foundation News on The Economic Times|website=The Economic Times|access-date=2020-01-06}}</ref><ref>{{Cite web|url=https://www.zaubacorp.com/company/MIRAE-ASSET-FOUNDATION/U85100MH2018NPL303621|title=MIRAE ASSET FOUNDATION - Company, directors and contact details {{!}} Zauba Corp|website=www.zaubacorp.com|access-date=2020-01-06}}</ref>

== Honors and awards ==

* 2008: the 40th Best South Korean Executive awarded by Korea Management Association
* 2009: the Master Entrepreneur by ]
* 2011: the 1st Best Investment Executive awarded by ]
* 2013: the 1st Entrepreneur Award by ]
* 2015: the 17th Best Enterprise awarded by the Korean Academic Society of Business Administration
* 2017: the 26th Best {{ill|Dasan Award|ko|다산금융상}} by ], ]
* 2024: Park Hyeon-Joo to be Honored at AIB 2024 Seoul with International Executive of the Year Award
: '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<ref>{{Cite journal|last1=Donovan|first1=G. A.|last2=Chen|first2=Michael Shih-ta|last3=Khaire|first3=Mukti|date=2010-03-29|title=Mirae Asset: Korea's Mutual Fund Pioneer|url=https://www.hbs.edu/faculty/Pages/item.aspx?num=38601|language=en-us}}</ref><ref>{{Cite web|url=https://www.forbes.com/global/2011/0117/companies-mirae-koo-jae-sang-park-hyeon-joo-forged-crisis.html#50ed94001c4a|title=Forged In Crisis|last=Salmon|first=Andrew|date=2011-01-07|website=]|language=en|access-date=2019-03-28}}</ref><ref>{{Cite web|url=https://www.koreatimes.co.kr/www/tech/2019/03/693_56955.html|title=Harvard Business School to Study Mirae Asset Group|date=2009-12-09|website=]|language=en|access-date=2019-03-28}}</ref>

=== Seoul National University case study - the case centre ===
Mirae Asset: A Disruptive Innovator in the Korean Financial Industry<ref>{{Cite web|url=https://www.thecasecentre.org/educators/products/view?&id=145054|title=Mirae Asset: A Disruptive Innovator in the Korean Financial Industry|website=thecasecentre.org|language=en|access-date=2019-03-26}}</ref>

=== 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, ], 12/10/2010<ref>{{Cite journal|last=Horie|first=Sadayuki|date=12 October 2010|title=Long-term investments requires trust - Interview with Hyeon Joo Park (Chairman, Mirae Asset Financial Group) -|url=http://fis.nri.co.jp/en/publication/special/2010/201010_en.html|journal=Nomura Research Institute|volume=89|pages=7|via=NRI|access-date=26 March 2019|archive-date=4 October 2015|archive-url=https://web.archive.org/web/20151004012831/http://fis.nri.co.jp/en/publication/special/2010/201010_en.html|url-status=dead}}</ref>
* For asset manager Mirae, a future beyond Korea, ], 01/10/2007<ref>{{Cite news|url=https://www.wsj.com/articles/SB119118732679144061|title=For Asset Manager, a Future Beyond Korea|date=2007-10-01|work=]|access-date=2019-03-26|language=en-US|issn=0099-9660}}</ref>
* 24 years of financial industry, Mirae Asset Park Hyeon Joo, Shin-dong-a, 08/11/2004<ref>{{Cite web|url=http://shindonga.donga.com/3/all/13/101552/2|script-title=ko:박현주 미래에셋 회장의 증권인생 24년|date=2004-11-08|website=shindonga.donga.com|language=ko|access-date=2019-03-26}}</ref>
* Interview of Park Hyeon Joo, a founder of Mirae Asset Financial Group, ], 24/12/2015<ref>{{Cite web|url=http://news.hankyung.com/article/201512241214i|script-title=ko: 박현주 미래에셋금융그룹 회장 일문일답|date=2015-12-24|website=]|language=ko|access-date=2019-03-26}}</ref>


== References == == References ==
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== External links ==
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Revision as of 13:15, 26 December 2024

South Korean billionaire (born 1958)
Park Hyeon-joo
File:Mirae Asset Park Hyeon Joo 9.jpgPark in 2015
Born (1958-10-17) October 17, 1958 (age 66)
Gwangju, South Korea
Alma materKorea University (BA, 1983)
OccupationBusinessman
EmployerMirae Asset Financial Group
Children3

Park Hyeon-joo (Korean: 박현주; born October 17, 1958) is a South Korean businessman. He is the founder of Mirae Asset Financial Group and a venture capitalist. Called the "father of South Korea's mutual fund industry", he established the first mutual fund in the country in 1998.

He is among the richest people in South Korea. In December 2024, Forbes estimated his net worth as US$1.1 billion and ranked him 31st richest in the country.

Biography

Park was born on October 17, 1958 in Gwangju, South Korea. In 1977, he graduated from Gwangju Jeil High School. In 1983, he graduated from Korea University with a bachelor's in business administration.

In 1986, he joined Dongyang Securities (동양증권; now part of Yuanta Securities). In 1991, he became branch manager of Dongwon Securities (동원증권; now part of Korea Investment & Securities [ko]). In 1996, he was made director of the Gangnam branch of Dongwon Securities.

On July 18, 1997, he cofounded Mirae Asset Investment Advisory and Mirae Asset Global Investments, along with eight colleagues from the securities industry. The company was the first professional asset management company in Korean history. In December 1998, he established the first mutual fund in the country, which was called "Park Hyeon-joo No. 1" (박현주1호). The mutual fund quickly proved to be extremely popular, and sold out within hours of its launch. In 2001, he became the chairman of Mirae Asset Group. The company began expanding internationally beginning in 2004.

In 2009, Harvard Business School created a case study on Park and his experience at Mirae Asset. Beginning in 2010, he began donating all his received dividends to talent development and social welfare programs through his foundation, the Mirae Asset Park Hyeon Joo Foundation.

In 2020, a subcompany of Mirae Asset, the vast majority of which was held by Park and his family (91.86%), was fined for unfair transactions that benefitted the owners of the company. Park did not receive any criminal charges for this, as Park did not order the transaction.

Personal life

He is married to Kim Mi-gyeong (김미경). The couple have children Park Ha-min (박하민), Park Eun-min (박은민), and Park Jun-beom (박준범). Their three children have each studied in the United States.

Awards

References

  1. ^ 박, 혜린 (2024-07-19). "[Who Is ?] 박현주 미래에셋그룹 회장". 비즈니스포스트 (in Korean). Retrieved 2024-12-26.
  2. ^ "Park Hyeon-joo". Forbes. Retrieved 2024-12-26.
  3. Choe, Man-Su (2024-07-03). "AI to drive Mirae Asset's next-phase growth: chairman". KED Global. Retrieved 2024-12-26.
  4. ^ "Mirae Asset boasts global presence after 20 years of pioneering business". The Korea Times. 2024-06-26. Retrieved 2024-12-26.
  5. ^ "For Asset Manager, a Future Beyond Korea". Wall Street Journal. 2007-10-01. ISSN 0099-9660. Retrieved 2024-12-26.
  6. ^ "Investing with an eye for the future". koreajoongangdaily.joins.com. 2009-10-11. Retrieved 2024-12-26.
  7. "Harvard Business School to Study Mirae Asset Group". The Korea Times. 2009-12-09. Retrieved 2024-12-26.
  8. "Mirae Asset's Park Hyeon-joo donates dividends for 13th consecutive year". Pulse (in Korean). Maeil Business Newspaper. Retrieved 2024-12-26.
  9. "Mirae Asset chairman named 'Executive of the Year'". The Korea Times. 2023-12-19. Retrieved 2024-12-26.
  10. "Mirae Asset hit with big fine for antitrust violations". koreajoongangdaily.joins.com. 2020-05-27. Retrieved 2024-12-26.
  11. "Mirae Asset to enter U.S., top exec says". koreajoongangdaily.joins.com. 2010-04-26. Retrieved 2024-12-26.
  12. "Mirae Asset moves to leap toward global top tier on recognition of leadership". The Korea Times. 2024-07-23. Retrieved 2024-12-26.
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