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Korea Herald
3 days ago
- Business
- Korea Herald
Cornerstone reenters Korea to tap Asia's executive market
CEO Simon Wan cites Korea's strategic role in AI, fintech, high-tech sectors Cornerstone International Group is betting big on Asia's dynamic skilled worker market, reopening its Seoul office as the American executive search powerhouse seeks to capture the region's most coveted leaders for both multinational and ambitious local companies. 'The world of economics has changed a lot. It used to be driven by Europe and the US, but now Asia is becoming a very strong champion all over the world in particular industries,' said Simon Wan, CEO of Cornerstone International Group, in an interview with The Korea Herald held in Seoul on Tuesday. Wan, who has been serving as chief executive since 2012, described Korea, along with China and Japan, as a 'triangle of influence' in the global high-tech, chemical and AI sectors. Established in 1989 and headquartered jointly in Atlanta and Shanghai, Cornerstone previously operated in Korea over a decade until 2012 through a partnership with local firm KK Consulting. When that partnership ended, the company exited the market. More than a decade later, Cornerstone is back on the scene. Its new Seoul office opened on May 1, through a partnership with local executive firm Fortis Partners, led by Managing Director Ennis Bae. The Korea team brings international and local experience that aligns with Cornerstone's values, said Wan. 'We are an executive search firm and we help companies find the right person to make transformation in their business," said Wan, stressing that the company's mission is to identify 'cornerstone' executives, leaders around whom teams can build and achieve success. The Seoul office primarily focuses on four sectors, AI, fintech, EVs and telecommunications. Wan stressed that industry expertise is what sets Cornerstone apart. 'Our job is not just to provide a CV,' said Wan. 'Our job is to talk to our client as an internal expert, saying that based on what we see in the market, this is who you need to attract.' Cornerstone goes through a rigorous screening process, evaluating hundreds of candidates to identify a shortlist of five to seven for clients. The firm reviews everything from social media to criminal records, background and psychometric assessments. The timing of the company's comeback to Korea is noteworthy, as second- and third-generation leaders begin to take the reins at major domestic companies, many of whom were educated abroad and actively seek mentorship and strategic consulting, Wan explained. 'With a global platform like Cornerstone, we can really help them to become not just a strong local company but a regional power and even a global power." Leveraging its global network of over 60 offices across 40 countries, Cornerstone conducts multinational executive searches to identify the most suitable candidates for clients. 'We can do the search in the US, Germany, Japan, Shenzen and look for ones that have background and who are happy to work in Korea,' he said. Such global reach is essential, Wan noted, as companies around the world face mounting challenges in securing the right talent. 'The pain point that our clients keep telling us is they cannot find enough good people. There are a lot of applicants, but not many good people,' he said. 'That's when we come in because the best candidates normally are not looking for jobs.' The skilled worker exodus is also a concern, with Korea's brightest semiconductor, AI and high-tech executives increasingly poached by overseas opportunities. Wan said companies need strong leadership cultures to retain top talent. He added that people leave a company for three reasons: family-related decisions, such as children's education; dissatisfaction with leadership; and a lack of strong corporate culture. 'You need to have a good coaching culture internally, so your best performers feel respected and able to perform,' said Wan. This becomes even more important in today's business landscape, where escalating global uncertainty and market ambiguity are forcing companies to make strategic choices. "The reality is that the market has shifted and you have to pick where you are going to focus on," he said. For Cornerstone, that focus means expanding its presence in this region. "Asia, Middle East and Africa are really the powerhouses for the next 10 years." sahn@
Business Wire
21-05-2025
- Business
- Business Wire
BlackRock Introduces Actively-Managed Defense ETF Focused on Global Security and Resilience
NEW YORK--(BUSINESS WIRE)--Today, BlackRock announced the launch of the iShares Defense Industrials Active ETF (NASDAQ:IDEF), an actively managed thematic ETF offering precise exposure to companies at the center of shifting geopolitical dynamics, national defense strategies, and global security priorities. Long-term forces such as geopolitical fragmentation, supply chain reorientation, and rising competition over critical technologies are redefining national priorities and the global economy. In response, global investment in defense and security has surged - reaching a record $2.7 trillion in 2024, up 9.4% year-over-year and more than doubling since 2000. 1 'An active investing approach offers a nuanced and nimble approach to navigating geopolitical fragmentation and a shifting global defense landscape,' said Jay Jacobs, U.S. Head of Equity ETFs at BlackRock. 'As governments around the world rewire their economic and security strategies, IDEF provides a dynamic way to target companies at the center of that transformation - from cybersecurity and advanced technologies to aerospace and strategic manufacturing.' Managed by Simon Wan, Yasmin Meissner and Lucy Parker of the BlackRock Multi-Asset Strategies & Solutions Group, IDEF combines top-down macro research with proprietary analytics and alternative data - including defense revenue exposure and government contracting activity - to build a selective portfolio that focuses on global defense opportunities across multiples geographies and industries. IDEF joins BlackRock's $45 billion active ETF platform and builds on its growing thematic lineup. 2 BlackRock also manages one of the largest defense-themed index ETFs, the iShares U.S. Aerospace & Defense ETF (ITA), as well as the iShares Cybersecurity and Tech ETF (IHAK), offering investors broader access to key subthemes shaping today's global security environment. 3 About BlackRock BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit | Twitter: @blackrock | LinkedIn: About iShares iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and $4.3 trillion in assets under management as of March 31, 2025, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock. Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting or Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal. The Fund is actively managed and does not seek to replicate the performance of a specified index, may have higher portfolio turnover, and may charge higher fees than index funds due to increased trading and research expenses. Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and the general securities market. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/ developing markets or in concentrations of single countries. Convertible securities are subject to the market and issuer risks that apply to the underlying common stock. The Fund's use of derivatives may reduce the Fund's returns and/or increase volatility and subject the Fund to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The Fund could suffer losses related to its derivative positions because of a possible lack of liquidity in the secondary market and as a result of unanticipated market movements, which losses are potentially unlimited. There can be no assurance that the Fund's hedging transactions will be effective. This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. The iShares and BlackRock Funds are distributed by BlackRock Investments, LLC (together with its affiliates, 'BlackRock'). © 2025 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
