People Moves

Mirae Asset Reduces Brokerage Staff Numbers In Hong Kong

Vanessa Doctor, Asia Correspondent, 11 April 2013

articleimage

Mirae Asset Securities, the brokerage arm of South Korea's Mirae Asset Financial, is slashing its staff numbers in Hong Kong in response to declining activity in the global market, but added that wealth management operations are unaffected. 

Around 20 staff are expected to leave before the end of April 2013, a spokesperson for the firm told WealthBriefingAsia. Contrary to earlier reports by other media, the company is not shutting down its Hong Kong office. At present, Mirae Asset Securities Hong Kong has 38 people. 

Despite the reduction, the company shall remain active in the region and is considering expanding its other business models, such as wealth management. Mirae Asset Global Investments (Hong Kong), its sister company that handles the asset management side, will not be affected by this event. 

Mirae Asset Financial has an extensive presence in the Asian region, with offices in Australia, China, Hong Kong, India, Taiwan and Vietnam, in addition to its South Korea headquarters. 

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes