Four industry experts have joined the race to head the leading nonprofit, self-regulatory financial organization in South Korea.

According to the Korea Financial Investment Association on Wednesday, Daishin Securities CEO Na Jae-chul, Hana Financial Investment Executive Managing Director Seo Jae-ik, former IBK Securities CEO Shin Seong-ho and KTB Asset Management Vice Chairman Jung Ki-seung have thrown their hats into the ring.  

Other strong potential candidates, including Korea Investment & Securities Vice President Yoo Sang-ho and Mirae Asset Daewoo Executive Vice Chairman Choi Hyun-man, decided not to join the race.

Na, who has been working at Daishin for 35 years, has experience in various securities businesses such as wealth management, investment banking, sales and human resources. One of his strong points is that he has served as a board director of member firms for three consecutive years and has a high understanding of the industry, according to market watchers.

His main election pledges are to eliminate stock exchange taxes, vitalize real estate funds and adopt member-centered voluntary restraint.

Fellow leading candidate Shin’s major pledges are to contribute to the people’s accumulated properties by expanding various investment products and vitalize the domestic economy by supporting local businesses.

Jung is the only candidate from a local asset management company. He began his career by entering the Bank of Korea in 1978. He then worked at the Financial Supervisory Service as director of the bank supervisory division and served as vice chairman of Meritz Securities.

Seo, who does not have any experience heading a company, surprised the industry by announcing his candidacy. Prior to working as executive managing director of the firm’s Seolleung Financial Center, he began his career at Dongbu Group, now known as DB Group. He then worked as an investment solicitor at Samsung Securities in 2008 and was promoted as a board member of Hana Financial Investment in 2012. 

According to the Kofia, the selection committee is formed of three board directors and two external experts. After document screening and interviews, they will recommend a candidate.

Once a decision is made, 296 member firms from the brokerage, asset management and financial investment industry here will vote at Kofia’s upcoming extraordinary general meeting this month. The term for the next chairman is set at three years.

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