[THE INVESTOR] Mirae Asset Management plans to sell its Taiwanese unit to Amundi Asset Management, according to industry sources on Nov. 26.
The firm reportedly signed a sale and purchase agreement last month with Amundi, a French company with total assets under management of 1.48 trillion euros (US$1.71 trillion), to sell a 90.42 percent stake in its Taiwan unit. The deal is expected to be closed by the year-end.
In 2011, Mirae Asset set up a Taiwanese unit by acquiring 60 percent in Taiwan Life Asset Management, being the first Korean company to obtain an overseas asset management firm.
Mirae Asset bags fund manager license in China
This move is seen as parts of Mirae Asset’s “Greater China strategy.”
In 2003, it opened its first overseas office in Hong Kong, YiCai Investment Consulting in Shanghai in 2008 and Mirae Asset Global Investments in Taiwan in 2011.
The firm’s latest decision comes as it has been granted a fund manager license in mainland China. It can now offer equity and fixed income funds to local institutional investors and high net worth individuals.
“Recently, China’s financial market has opened up. As such, Mirae Asset probably needed to focus on the mainland,” said an industry source.
China opened up its funds market in June 2016, granting licenses to subsidiaries of foreign asset managers in Shanghai’s free trade zone. Global financial companies such as BlackRock Investment Management and Fidelity Investments have already got a license to operate in the country.
By Park Ga-young (email@example.com)