According to the asset management unit of Mirae Asset Financial Group on Wednesday, it was the first among its peers to establish a Hong Kong subsidiary in 2003. The move marked its first foray overseas.
In 2005, it became the first Korean asset manager to launch an offshore fund and provided local investors early opportunities to make overseas investments.
In 2008, the Hong Kong subsidiary launched a Luxembourg-based fund, SICAV, which is a rare move for local asset managers.
|(Mirae Asset Global Investments)|
Its Indian unit, established in 2006, has been serving as the sole independent foreign capital operator in one of the fastest growing economies in the world. While most global asset managers either pulled out of the market or switched to joint ventures, Mirae Asset continued its operations, eyeing India’s growth potential.
It went further to establish a US subsidiary in 2008 and set up a dual operating system between Korea and the US that researches Asian, North American and European markets.
In 2011, it acquired Canadian exchange-traded funds operator Horizon and Australia’s Beta Sharez, setting the foundation as a global ETF operator.
The company has been operating a steady global network for years and currently deals with around 1,700 financial products in 36 countries.
Mirae Asset Global Investments’ balanced portfolio and stable profitability has pushed the firm here and has enabled it to become an advocate of the Korean finance industry in overseas markets, the firm said.