[Global Finance Awards] Mirae Asset Securities pioneers global expansion

Mirae Asset Securities, a leading brokerage house based in Korea, has been expanding its presence in the global financial market, backed by its burgeoning overseas operations.

With 12 branches and three offices located out of Korea, the firm boasts a vast overseas network across 11 regions including Hong Kong, Singapore, Vietnam, Indonesia, India, Mongolia, China, the US, the UK, Greece and Brazil.

The equity capital held by its overseas subsidiaries surpassed $3 billion as of June, according to the firm’s report released in August. The figure marks a nearly 600-fold increase in 20 years since the firm launched its first overseas subsidiary in Hong Kong with $5 million in 2003.

The firm’s net profit from its overseas subsidiaries saw a sharp increase from 66 billion won ($50.9 million) in 2017 to pre-tax earnings of 200 billion won in 2020 and 243.2 billion won in 2021. The pre-tax figure has been surpassing 100 billion won for four straight years since 2019.

Mirae Asset Financial Group Chairman Park Hyun-joo has been leading the firm’s global business, taking the post as a global strategy officer in April 2018. Park has repeatedly stressed the firm should work to expand its global business to diversify its portfolio and generate a larger profit.

Its Indian branch, where the firm has been making bold investments, has attracted some 370,000 customers in less than a year since it launched its online brokerage service. This year the finance giant's London subsidiary also acquired GHCO, a London-based liquidity provider, marking the first acquisition to happen in a developed country outside of Asia.

Along with a massive overseas expansion, Mirae Asset Securities has also been working on strengthening its asset management by embracing the latest digital services.

The firm offers a robo-advisor service for domestic equity investments, providing personalized advice and market intelligence for investors based on shares held by each individual.

The advisory service is available for retirement pensions, presenting an individualized investment portfolio based on the Global Quants Solution algorithm. More than 12,000 investors have signed up for the service, garnering assets worth 800 billion won, according to the firm.