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THE INVESTOR
March 26, 2019
Big Reunion

Finance

Mirae Asset’s Indian unit boasts W4tr AUM

  • PUBLISHED :December 12, 2018 - 14:04
  • UPDATED :December 12, 2018 - 14:04
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[THE INVESTOR] Mirae Asset Global Investments said on Dec. 12 that its business in India has topped 4 trillion won (US$3.54 billion) in assets under management, almost doubling this year.

The company now manages 4.43 trillion won as of November. With 2 trillion won this year alone, it has recorded the fastest AUM growth among rivals. This makes Mirae Asset Investment (India) the 16th largest, out of 40 asset management companies in the country.

“We’ve seen an increase in the inflow of funding this year although we still need to ramp up our efforts to catch up with bigger players there,” a company official said.

The Indian subsidiary was established in November 2006 and with 139 employees, including 138 locals, it is the only independent foreign AMC there.

“While many AMCs withdrew from the market in the aftermath of the financial crisis, Mirae Asset continued to bet on growth of the world’s second-most populous country, focusing on localization,” the official added. 



Out of the 4.4 trillion won AUM, the company’s signature 10-year-old Mirae Asset India Equity Fund bagged the best large-cap fund award of Morningstar India earlier this year, with 1.5 trillion won and accumulated returns of 700 percent.

The company said the Indian unit is diversifying its portfolio, expanding its focus from equity funds to bonds, real estate and ventures. As part of the efforts, it has launched Mirae Asset Nifty 50 ETF, which benchmarks the NIFTY 50 Index. It also plans to invest about 80 billion won in domestic fintech and consumer startups in the coming months.

After being founded in 1997, Mirae Asset Global Investments established its first overseas unit in Hong Kong in 2003. It currently operates offshore units in 12 countries including Brazil, Australia, Canada, China, Singapore, Hong Kong, United States, India and Vietnam. Its total AUM overseas reached 32 trillion won as of end-October, increasing by 11 trillion won this year.

This year, the company acquired Global X, a US-based ETF manager, and set up a joint venture with Vietnam’s State Capital Investment, in its latest efforts to expand its overseas presence.

By Park Ga-young (gypark@heraldcorp.com)

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