Dear valued clients and beloved Mirae Asset colleagues, 20 years ago this July, I founded Mirae Asset.
It was an unforgettable day of great joy and deep emotion. Yet, it was a modest day, as there were just a few people to celebrate the birth of Mirae Asset.
All of you made the past 20 years possible for Mirae Asset. No words could ever describe how thankful I am to all of our clients. I am also deeply grateful for the passion and dedication of all our employees.
In retrospect, truly a long time has passed. 30-days-a-month was the same then as it is now, but I wonder why the payday for employees came around so quickly back then. Even after so many years, it still overwhelms me to think about the first time we sold a Mirae Asset fund. I would never forget the endless, hopeless feeling, as if I were floating in an endless sea in the dark, as we embarked on our first overseas venture. Over the years, the young employees who were in their 30s when we started have become executives in their 50s. Mirae Asset has come this far because those years were not wasted.
One thing remains the same - the only way for a company to thrive is to earn its clients trust. Providing high-quality products based on integrity, doing the very best we can, and innovating continuously is how Mirae Asset the independent financial investment company earns its clients trust.
Schumpeter suggested that innovation through creative destruction was the true essence of capitalism 20 years of Mirae Asset has endeavored to pursue the path of creative destruction, creating unfamiliar fund investment to become a common concept from 1997 to 2017. The very first mutual fund in Korea; an alternative investment that allowed for diversification against a heavy concentration of stocks and bonds; turning domestically oriented investment products towards overseas markets and bringing product-oriented investments to global asset allocation. These are our innovations, just to name a few. At first our innovations looked unfamiliar to investors. Then they began to understand them and accepted them. Today, these instruments are commonplace.
What Mirae Asset began seemed impossible, but is now substantially accepted by the society. We were never alone as we walked this new path, because our clients were always at our side. Evolution and innovation must take place continuously. Without placing too much emphasis on numbers, a 10% profit on about 110 trillion won of invested assets from asset management companies plus 250 trillion won of AUM from securities and insurance companies can increase the national wealth by 36 trillion won. These increases in income have contributed significantly to the national economy.
Mirae Asset has always taken on challenges which are under impetus from innovation. Mirae Asset must continue to innovate, just as we did in the beginning. Creating an investment strategy in the face of the 4th Industrial Revolution in a "future that is already here" is an innovation in itself.
We have to walk toward the future for our clients, shareholders and for ourselves. There is no growth without investment. Investment can enhance national assets, create jobs, and build a society open to challenges for our younger generations.
Investments can provide a stable future for those who have devoted their whole lives to work and have finally retired. We must trust that our investments can change the future. We must be confident in our commitment to helping clients to achieve a successful future. That is how we build an alliance with our clients. I believe that a good company is the one that helps people grow and offers opportunities.
Together, we have built a company where members reach their fullest potential and have pride in their organization. We give everyone, not just a select few, the opportunity to achieve their goals. Practicing strong corporate governance and building an organization where experts can realize their dreams are important responsibilities for us as a company.
Mirae Asset must continue to find new ways to serve our clients.
We must also meet the expectations of our shareholders, who trust us.
The reason we exist is to enhance values for all our stakeholders - shareholders, clients, society and our employees.
The poem, "To Those on Their First Day of Work" by Ko Doo-Hyun, resonates with me.
Do not forget
The door you just opened
Once was a wall
A door that opens easily
Closes easily, too
It was a narrow door on your way in
But it will open wide on your way out
I will recommence as if I were at the first day of work. 20-year-old Mirae Asset is still longing to gain a greater share of the global market. We dream of enhancing the wealth of Korean society and allowing young talent to pursue their dreams in the global market. We will only look forward, taking one step at a time, towards that dream. Please continue to trust and support us, as you watch the 14,000 employees of Mirae Asset contribute to the success of our clients and society.
Mirae Asset will be a permanent innovator, paving new paths through the world of finance. Mirae Asset will be an innovator, turning walls into doors, and doors into wide paths. To enable our future generations to stand tall in the global market, Mirae Asset will build the cornerstone for them.