Mirae Asset Global Investments to merge with Multi Asset

Mirae Asset Financial Group's headquarters in central Seoul / Courtesy of Mirae Asset Financial Group

Mirae Asset Global Investments is slated to complete a merger with Multi Asset Global Investments, a subsidiary of the asset management firm, by next March.

Mirae Asset Global Investments told The Korea Times on Monday that it is scheduled to merge with its subsidiary on March 27, once the merger plan is confirmed at a board meeting on Jan. 3.

"As Mirae Asset Global Investments owns a 100 percent stake in Multi Asset Global Investments, it will take over the entirety of Multi Asset's business through the merger. There will be no new shares issued as a result of this merger, and thus there will be no change in the stock ownership or the ratio of the largest shareholder of Mirae Asset Global Investments after the completion of this merger," Mirae Asset Global Investments said in a public statement last Friday via the official electronic disclosure system DART.

The move is recognized as a small-scale merger stipulated by Article 527 of the country's Commercial Act, and it will proceed without issuing any new shares of the acquired company.

With the merger, Mirae Asset Global Investments, an asset management arm of Mirae Asset Financial Group, plans to strengthen its global investment competence by consolidating key experts, diversifying investment portfolios and increasing management efficiency.

“Seeking to better respond to the changed external market conditions, Mirae Asset Global Investments aim to consolidate alternative investment management capabilities through the merger, while discovering new growth engines through diversification and specialization of alternative investment business, expansion of global alternative investment business, as well as integrated risk management," an official from Mirae Asset Global Investments said.