[Global Finance Awards] Mirae Asset continues seeking overseas growth

ASSET MANAGEMENT 
MIRAE ASSET

Mirae Asset Global Investments is continuing to make efforts to expand its presence in the global financial market by introducing innovation investment solutions to global investors, according to the company.

It has been 15 years since the biggest Korean asset management firm started establishing its global network by launching overseas offices in many parts of the world.

Still, the financier is seeking to grow further in the global market by launching various fund products. 

The company opened its first office outside Korea in Hong Kong in 2003. Currently it runs 12 offices in foreign countries, including in the United States, Britain, India and Brazil.

Mirae Asset introduced the offshore SICAV fund, dubbed “Mirae Asset Global Discovery,” in Luxemburg in 2008, becoming the first Korean asset manager to launch a fund for foreign investors.

As a result, it is currently selling over 1,700 financial investment products across 36 countries. Of the 160 trillion won ($136 billion) under the company’s management as of late October, over 74 trillion won has been invested in overseas products, accounting for 47 percent of the total assets. The financier is also globalizing its exchange-traded fund business.

As of last month, the company operated over 40 trillion won in ETFs in eight countries. Compared to 2011, the net asset of the overseas ETF business jumped sevenfold.

To further expand its presence in the ETF market, the Korean financier acquired ETF management firms in Canada, Australia and the US.

Based on around 350 global ETF products, Mirae Asset is preparing to expand its ETF managed portfolio.

The company is aggressively investing in foreign real estates, too, in a bid to offer real estate funds for both domestic and overseas investors.

It recently clinched a deal with China’s Anbang Insurance to acquire 15 five-star hotels in the US.

By Song Su-hyun (song@heraldcorp.com)