April 25, 2024

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[THE INVESTOR] Mirae Asset Global Investments, the asset management arm of Mirae Asset Financial Group, announced on Feb. 26 that it will establish a joint venture with a subsidary of Vietnam’s sovereign wealth fund State Capital Investment Corp. 

Mirae Asset has acquired 100 percent stake in Tin Phat Management Fund Joint Stock Co., and will sell 30 percent stake to SCIC Investment Corp. at a later date to set up the JV.

This is the first time that a Korean asset management has formed a legal entity in Vietnam instead of opening a branch to acquire stake in local companies. 

“The JV will serve as our forward base in the Southeast Asian market,” Mirae Asset Financial Group Chairman Park Hyeon-joo said in a statement. “We will actively cooperate with SCIC by sharing our know-how in the global market.”

The company plans to introduce new funds in Vietnam, while at the same time diversifying its portfolio to include real estate and private equity funds.

Mirae Asset Global Investment first made its foray into Vietnam in 2006 when it opened an office focused on market research and providing asset management services to Korean clients.

Vietnam is a lucrative market with a population of over 94 million. A total of 47 AMCs with some US$6.8 billion assets under management operate in the country.

Mirae Asset Global Investments, which has been actively expanding its global presence, recently acquired Global X, a New York-based provider of exchange-traded funds, for about US$500 million.

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