Mirae Asset Financial Group holds a declaration ceremony for the true value of customers on June 16 at the Four Seasons Seoul Hotel in Seoul. Vice Chairman Choi Hyun-man speaks about related matters during the declaration ceremony. (Photo: Mirae Asset Financial Group)

Mirae Asset Financial Group pledged that it would sell only excellent financial products by third valuation agencies regardless of funds managed by its affiliates.

The financial group, which has been leading the innovation of investment cultures, has declared its will to make changes for customers. The decision is expected to prune affiliate products by 70 percent in the Mirae Asset Financial Group’s financial product lineup.

“We will not provide preferential treatment to financial products sold by our affiliates,” Mirae Asset Financial Group said in the Ceremony for Customer Alliance for the True Value of Consumers on June 16. “We will sell only competitive products that passed our strict selection process to customers.

In particular, Mirae Asset Financial Group will bring innovation to its investment product selection process. Even the products of affiliates will be excluded from the lineup if they fall short of the group’s selection criteria, Mirae said.

To this end, the Production Selection Committee will drastically overhaul guidelines on the selection of investment products and implement them starting from July 1.

The selection of products will be classified as long-term performance excellent funds and long-term growth innovation funds.

Mirae Asset Financial Group will select financial products through quantitative evaluations in the first stage and qualitative evaluations in the second stage.

The qualitative evaluations will select funds with B or higher adequacy grades by comprehensively considering management companies, operational processes, risk management and suitability for market conditions.

Of the 1,280 public offering funds currently sold by Mirae Asset Financial Group, a total of 282 were selected according to the selection criteria.

Mirae Asset Financial Group picked out 111 of affiliates’ 396 public offering funds based on the selection criteria.

“We will strengthen our process so that we will transparently disclose the entire process from product selection to operation and evaluation and Mirae Asset Financial Group employees will have a strong sense of ethics and responsibility in selling financial products,” a Mirae Asset Financial Group official said.

“Our growth is based on unwavering principles and philosophies,” the official added. “Open communication with our clients helps us stay ahead of competition, while ensuring that we keep the faith bestowed upon us safe. Our responsibility for your future is at the core of our values, influencing our actions that help us retain client belief. Investment and growth go hand-in-hand, which is why we will continue to innovate, to create a healthier and happier society.”

In the meantime, the Mirae Asset Investment and Pension Center under Mirae Asset Financial Group will join hands with Jeonbuk Bank to cooperate in pension content, among others.

The Mirae Asset Investment and Pension Center announced on June 14 that it signed a business agreement with Jeonbuk Bank on investment and pension content exchanges, and senior finance on June 10.

“Asset management for senior customers is growing in importance day by day as the age of aging arrives,” said Kim Kyung-rok, head of the Mirae Asset Investment and Pension Center.

“We will team up with Jeonbuk Bank to help customers manage their assets and prepare for their retirement lives in the era of low interest rates and low growth.”

On hand in the agreement signing ceremony were Kim Kyung-rok, head of the Mirae Asset Investment and Pension Center, and Kwon Oh-jin, vice president of Jeonbuk Bank.

The two organizations saw eye to eye on building cooperative relationships in various fields through this agreement.

The Mirae Asset Investment and Pension Center develops and supplies various investment and pension-related contents to help investors successfully manage their assets and prepare for their stable retirement lives.

The two organizations emphasized that they would create synergies so that investors will be able to make successful investments, prepare for their retirement lives and design pensions through exchanges and joint projects, among others.