The Mirae Asset Daewoo headquarters in central Seoul (Mirae Asset Daewoo)
South Korean brokerage firm Mirae Asset Daewoo said Thursday its wrap account attracted a record net inflow of 100 billion won ($83.4 million).
The fund is the first in Korea to surpass the milestone as a wrap account investing in overseas exchange-traded funds, the company said.
A rise in investors’ interest in overseas stock markets and investment in ETFs appear to have driven the increase in sales of Mirae’s Global X Portfolio Wrap Account, it added.
Unlike general index investing, investors can choose different portfolios depending on their investment propensity -- from investing in the innovation and growth portfolio to the income portfolio with high dividend rates and balanced portfolio with convertible bonds or blend of stocks and bonds.
In 2018, the brokerage firm’s subsidiary Mirae Asset Global Investments signed an agreement for the acquisition of Global X, an ETF company in New York, to gain access to the its US sales network.
Mirae Asset has managed ETFs in nine countries including the US, Korea, Canada and Australia.
“Mirae’s Global X Portfolio Wrap Account combines Mirae Asset’s global ETF networks. By making steady progress, we’ll contribute to our customers’ asset growth,” said Kim Jeong-beom, head of the investment assets management division at Mirae Asset Daewoo.
By Jie Ye-eun (firstname.lastname@example.org