Mirae Asset Daewoo kicked off a new service to handle retirement fund savings accounts, considering that retirement funds also need to be managed like “the fitness of a human body.”
Retirement funds have been left alone after being put into savings accounts, although they need regular management just like any other savings account, the company said.
The company offers earnings that customers would like to get from retirement fund savings accounts, so it manages the funds as much as customers want.
The company will inform customers on the progress of the management of their retirement funds on a regular basis, whether it’s monthly, quarterly or yearly, through updates via smartphones, e-mails and in person, so that customers know how their retirement funds are doing.
The company aims to take care of the retirement funds for customers who are too busy to pay attention on the funds.
Mirae Asset Daewoo introduced the individual retirement fund savings account to be managed by its own exclusive app, the “Mirae Asset Daewoo SmartPension,” allowing its customers to check how their accounts are doing by consulting with a person through the mobile app.
The company also has been holding the “Retirement Fund Saving Customer Festival” to rouse interest in retirement fund savings accounts, in which customers who transfer his or her account to the company will get a gift coupon worth 30,000 won for Shinsegae Department Store for every 10 million won they transfer into their accounts. A coupon for national tourism goods worth 20,000 won for every 10 million won will be given to customers who open new retirement savings accounts.
The festival will continue until Nov. 30, the promotion to open new retirement fund savings accounts will conclude at the end of October. The limit for coupons will be 300,000 won per person.
The company will also give customers who transfer retirement funds into savings accounts until the end of September the rights to purchase the repurchasable bonds worth five times the transferred retirement fund savings account, up to 100 million won, paying 3.5 percent annual interest rate.
Manager No Yong-woo of Mirae Asset Daewoo, in charge of the retirement business promotion dep’t, said the retirement fund savings account is a must-have to ensure sound post-retirement lives.
Steady installment payments into the retirement fund savings account and its long-term management help ensure stable post-retirement lives, the company said.
Mirae Asset Financial Group's chairman will become chairman of KDB Daewoo Securities to help merge the brokerage house with the group's securities unit, officials said Monday.
Mirae Asset signed a deal with Korea Development Bank (KDB) in December to buy a 43 percent stake in KDB Daewoo for 2.4 trillion won ($2.1 billion). It plans to complete the deal later this week by paying the remaining 90 percent of the deal price. The financial regulator approved the deal last week.
"Chairman Park Hyeon-joo will move to lead the new securities unit, seeking to smooth the integration," said a spokesman.
"We expect the process to be completed by October."
The spokesman said that Park will resign from his position at Mirae Asset Global Investments, the asset management arm of the group, because he cannot lead both firms, according to the Capital Market Law, which prohibits the head of a brokerage house from leading an asset manager.
If the merger is completed, Mirae Asset Daewoo will be the nation's top player with 7.8 trillion won in capital; and staff reaching 4,900 employees, the most in the industry.
Analysts said that the new entity will benefit from diversified revenue sources and increasing business in investment banking. They raised the target stock price of Mirae Asset Securities, expecting the firm to absorb these factors after the merger.
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