Mirae eyes more emerging markets
By Kim Tae-jong
Mirae Asset Global Investments is the nation’s pioneer in the international asset management business, which is a key unit of the Mirae Asset Financial Group.
The group was founded in 1997 in the wake of the Asian financial crisis, and launched the nation’s first mutual fund for retail investors, opening a new era of the professionally-managed collective investment scheme here, which later turned out to be a mega success.
Then, the asset manager went on to launch various other mutual funds including the nation’s first open-end Independence Fund in 2001 to meet complicated needs of investors.
Back then, Mirae Asset’s various funds were a sensational breakthrough as most people believed that savings and buying stocks were the only investment tools.
Mirae Asset’s efforts were also acclaimed well by government’s organizations with the asset manager chosen as an institutional investor for the National Pension Service and the Ministry of Employment and Labor.
Mirae Asset’s business scope has been also expanding, advancing into many emerging markets.
Opening its first overseas office in Hong Kong in 2003, which now serves as a global headquarters, Mirae Asset has built a global network by tapping into overseas markets to efficiently capitalize on investment opportunities specific to each market.
It currently operates in 11 countries around the world aside of Korea — Hong Kong, U.S., Britain, Canada, China, India, Indonesia, Taiwan, Vietnam, Australia and Brazil.
Mirae Asset recently received approval for its joint asset management company in China, Mirae Asset Hua Chen Fund Management, from China’s regulator, which can be seen as another major breakthrough as its inroad into China’s asset management market was the first among Korean asset managers and the third among Asian financial firms, just behind the Development Bank of Singapore and Japan’s Mitsubishi Bank.
It has also recently completed its merger with Mirae Asset MAPS Global Investments, another group subsidiary to step up among the global heavyweights in the investment sector.
Mirae Asset MAPS had been involved in some key merger and acquisition (M&A) deals and investment activities had extended the group’s aggressive streak.
Mirae and Fila Korea also led a consortium of buyers last year that acquired world-leading golf brands Titleist and FootJoy for $1.23 billion, brushing off challenges by Blackstone, an international power in asset management, and Adidas, the global sports equipment giant.
After years of success, Mirae Asset is now confident that it will maintain its top position as an asset manager in the market and commits to contributing to the development of the nation’s financial market.
“As we have obtained expertise in alternative investment products as well as traditional ones through M&As, global asset management has been strengthened and financial exports has become easier,” said Koo Jaesang, CEO and vice chairman of Mire Asset Global Investments.
“As a leading asset manager in the country, we will make efforts to develop the Korean financial market.”