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The Korea Herald
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THE INVESTOR
March 29, 2024

Finance

Mirae Asset, KEPCO launch W500b energy fund

  • PUBLISHED :December 30, 2016 - 13:29
  • UPDATED :December 30, 2016 - 13:29
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[THE INVESTOR] Mirae Asset Daewoo announced on Dec. 30 that it has joined forces with KEPCO to form a 500 billion won (US$417 million) fund to invest in new energy-related businesses.

“The company has established an energy infrastructure asset management division that has partnered with KEPCO to form the fund, and we plan to create more funds that will enable us to invest in various business and new growing businesses,” said Park Hyun-joo, chairman of the Mirae Asset Financial Group. 




Prior to the announcement, the group’s affiliate Mirae Asset Global Investment was selected to manage 2 trillion won worth of energy industry-related assets by KEPCO. The fund will be used to finance Mirae’s plans for investing in new business areas, such as innovative renewable energy and electric vehicles.

Besides energy, Mirae Asset also plans to expand its portfolio by increasing investments in other industries, and by taking the initiative to increase customer assets through global asset management. The firm has stated that it plans to invest 10 trillion won into these new businesses, such as bio-health care, over the next 10 years.

The newly-integrated Mirae Asset Daewoo is Korea’s largest brokerage, and the fifth-largest domestic company. It has 182 branches in Korea and overseas, with 4,700 employees managing 220 trillion won in customer assets, 6.6 trillion won in equity capital, and 62 trillion won in assets. As of the third quarter of this year, Mirae Asset Daewoo and Mirae Asset Securities’ return on equity stood at 4.1 percent and 4.2 percent, respectively.

Industry watchers are currently monitoring how Mirae Asset will settle down in the US, as President-Elect Donald Trump’s protectionist views are expected to effect the firm.

Mirae Asset Daewoo is the first Korean brokerage firm to reach the PBS brokerage service market in the US, and completed the issue of a paid-in capital increase of 177.9 billion won in November.

By Alex Lee (alexlee@heraldcorp.com)

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