Mirae Asset’s Billionaire Founder Backs AI Use to Lower Investing Cost
(Bloomberg) -- Mirae Asset Securities Co. and its sister companies in South Korea plan to broaden their use of artificial intelligence to improve services and lower fees, according to their founder.
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“Technology has radically transformed financial services, yet investors, from individuals to pension plans, continue paying significant fees for many investment products and services,” Park Hyeon-Joo, founder and global strategy officer of Mirae Asset Financial Group, said in a speech in Seoul Wednesday.
The rare public remarks from the executive, seen as a pioneer in Korea’s mutual fund business, set the tone for the tech-driven direction that his company is taking after years of aggressive expansion through more than a dozen mergers and acquisitions.
Mirae Asset Securities, the group’s flagship unit, began publishing earlier this year research reports written by artificial intelligence and audited by human analysts. The bots can analyze and publish reports in less than 15 minutes after corporate earnings releases, down from about five hours, according to the brokerage.
The group’s adoption of AI platforms across its investment and financial services will be rolled out in the coming years and would lead to “stable performance,” he said, adding his companies manage and advise over $600 billion.
Mirae Asset’s move to establish Wealthspot in the US and its acquisition of Australia’s robo-advisor Stockspot Pty Ltd. in 2023 are to further tap into the technology’s capability worldwide, he said.
Those moves will be the “starting point” for improving client outcomes “at much lower fees,” he said in the speech at an event hosted by Academy of International Business.
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