Son Dong-sik, president of Mirae Asset Global Investments, resigned from management in 2023 and has decided to step away from fund management as well. According to Mirae Asset Global Investments on the 18th, Son resigned on the 9th for personal reasons and will step down as an advisor.
Son's move to the advisor position is seen as part of the generational change that has been ongoing since last year. As he has been managing the National Pension Fund as the responsible manager, he did not leave immediately but remained as an operator to hand over duties to his successor.
Son graduated from Seoul National University with a degree in international economics and began his career at Long-Term Credit Bank before joining Mirae Asset Global Investments in 1998, the year following the founding of Mirae Asset Financial Group by Chairman Park Hyun-joo. Son managed the nation’s first mutual fund, "Park Hyun-joo Fund (Mirae Asset Park Hyun-joo Asset Allocation No. 1 Fund)," and served as the head of equities, Deputy Minister, chief investment officer (CIO), and vice president before taking the helm of the equity division of Mirae Asset Global Investments in 2012. After stepping down from the representative position in 2023, he has remained as the lead manager.
The National Pension Service has an internal regulation stipulating that if the responsible manager changes, 20-25% of the total entrusted fund will be withdrawn. The size of the fund managed by Mirae Asset on behalf of the National Pension Service is about 2 trillion won, which means approximately 500 billion won could be withdrawn under simple calculations. Thus, Son stepped down as an advisor after completing the handover process.
Mirae Asset stated, "It has not been confirmed whether the National Pension Service has withdrawn funds," and added, "This resignation of Son is due to personnel changes related to the generational transition."