Amid a sluggish market and harsher business conditions in 2020, South Korea’s brokerages on Thursday stressed the need to seek new growth engines and market opportunities overseas.

Choi Hyun-man, executive vice chairman and CEO of Mirae Asset Daewoo, urged the company’s staff to focus on strengthening global networks, saying globalization was not just about the physical expansion of portfolios but also about striking a solid balance in asset management.

“Clients can manage their assets in a stable manner by diversifying investments that have focused too much on the domestic market. So it is an opportunity for the company to go beyond the limits of the local market and grow further along with the global economy,” he said.

“I think this will be the year for Mirae Asset Daewoo to take a step forward as a global top-tier investment firm. I expect we will mark 10 trillion won ($8.64 billion) capital this year.”

The company capital surpassed 9 trillion won at the end of the third quarter last year. 

Mentioning Korea’s slow-growing economy, which is moving along at the rate of just 1 or 2 percent a year, Korea Investment & Securities CEO Jung Il-moon said the company needs to set its eyes on global markets and be ready to compete with global investment banks.

He also stressed the need to focus its capabilities on the development of financial products and platforms, citing the nation’s rapidly aging society and changes in financial services tailored to millennials.

“When looking ahead 10 years, our future depends on three things -- responding actively to changes in our financial consumer base, expanding our overseas business activities and securing new revenue sources.”

Choi Suk-jong, president of KTB Investment & Securities, also said that the company will forge partnerships with overseas institutions and expand its alternative investment portfolio through its branch offices.

“By establishing a platform for overseas alternative investments through our branch offices in the US and Thailand, we will push for deal sourcing in collaboration with global partners,” he said.

By Jie Ye-eun (yeeun@heraldcorp.com)