Rare move brings foreign executive to a local brokerage board
South Korea’s Next Securities has appointed David Friedland, Asia-Pacific managing director of Interactive Brokers, as a non-executive director, marking a a rare case of a non-Korean joining the board of a domestic brokerage.
The appointment, disclosed Tuesday, strengthens ties between the two firms after Interactive Brokers invested 15 billion won ($10.8 million) in Next Securities in March. Friedland, who joined Interactive Brokers in 1985, has held key roles in developing the firm’s trading systems and leading operations in markets including Japan and Australia.
Headquartered in Connecticut and listed on Nasdaq as IBKR, Interactive Brokers was recently added to the S&P 500. The brokerage offers access to stocks, options, futures, forex, bonds and funds across more than 160 markets in over 30 countries.
Known for competitive fees and advanced trading tools, it ranks among the largest online brokerages, with a reputation for its digital edge and global reach.
Next Securities, formerly SI Securities, has been reshaping its strategy since rebranding in December. Tracing its roots to Hyundai Futures, founded in 1997, the firm has gone through multiple ownership and name changes. Its latest overhaul is anchored in AI-driven services, with plans to launch a new trading service in 2026.
To spearhead the transformation, the company brought in Kim Seung-yeon, former CEO of Toss Securities, as chief executive in October. Kim delivered the digital brokerage's first annual profit within three years of its founding, the first among Toss affiliates. With experiences working at global tech firms including Google and TikTok, he has pledged to reposition Next Securities around three pillars: AI, global expansion and platform innovation.
“We will transform into a financial platform player through AI-based investment experiences and global market expansion,” Kim said earlier.
The 15 billion won investment from Interactive Brokers was secured directly by Kim, who personally pitched the firm in the US — an unusual case of a major American brokerage backing a smaller Korean peer. Friedland’s board appointment underscores Interactive Brokers’ confidence in Kim’s vision.
“Kim wanted to test whether his vision could stand against global players, which is why he targeted overseas investors from the outset for Next Securities’ first investment,” said an industry official familiar with the matter.
Friedland’s appointment also stands out in Korea’s brokerage industry, where foreign board members remain uncommon. KB Securities, one of the nation’s top five players, named Eugene Ohr as an external director, while Yuanta Securities Korea, a unit of Taiwan’s Yuanta Financial, has two Taiwanese nationals on its board.
“The investment and the dispatch of an executive as a director indicates Interactive Brokers’ long-term trust in Next Securities’ growth potential,” a Next Securities official said. “We expect synergy to deepen as Next Securities launches global operations and broadens its partnerships.”
jwc@heraldcorp.com
