CEO Talks of New Brokerage`s Early Success

LIG Investment and Securities stands out among eight brokerages set up last year. The company has posted a surplus for 11 straight months from November last year and after four months of operations.

A Dong-A Ilbo reporter yesterday asked LIG President Yu Heung-soo what the secret of his company’s success is.

“Financial business is managing people,” Yu said. “I recruited talented people with proven abilities in the market. I didn’t consider their academic backgrounds or previous careers. By solely focusing on their abilities and passion, I could raise their performance.”

After selecting experts, Yu said he has entrusted all the work of the company to them and has done only risk control.

To communicate with employees, he said he uses an instant messaging program and holds meetings at short notice. With the company’s reputation for employee-friendly working conditions spreading, marketing staff at other companies are applying to LIG as a team, Yu said.

Yu aims to transform LIG into a comprehensive financial investment company by expanding to eight branches by year’s end and setting up five more next year.

“It’s difficult for new branches to make profits because of the small size of the company,” Yu said. “Though short-term performance is not good, we should expand our number of branches to take a step forward.”

Likening his business to building a house, Yu said a CEO’s duty is to build a house where not only the owner but also his or her grandchildren can live comfortably.

Entering the financial industry in 1976 through the Korea Investment Corp., he has also served as assistant deputy governor of the Financial Supervisory Service.

“Everyone asks me how hard it was from turning to the inspected from an inspector, but I think I’m a third person,” Yu said. “I’m happy when people call me a businessman.”

“LIG Investment & Securities is still a fledgling company. By paying more attention to bonds and derivatives while pursuing the investment banking business, I will diversity profit sources to achieve robust growth of the company.”

artemes@donga.com