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Mirae Asset buoyed by upbeat overseas earnings
Marking 20th year of global business, investment firm outpaces crosstown rivals in overseas profitsBy Im Eun-byel
Published : Jan. 19, 2023 - 15:03
Mirae Asset Global Investments stands strong in the global financial market, despite a challenging economic environment.
As of end-2022, Mirae Asset Global Investments' assets under management had reached 248 trillion won ($200 billion). According to the firm, 40 percent of its total assets, or 103 trillion won, is being managed overseas, surpassing the 102 trillion won mark set in end-2021.
The firm's overseas business generated a net profit of 747 billion won in the third quarter of 2022, taking up 30 percent of the total 238.8 billion won net profit of the firm, meaning that one third of the firm’s profit is made overseas.
"A failure will provide an experience for the Korean capital market. Though I may fail, the next generation can learn from the experience," Mirae Asset Financial Group founder Park Hyeon-joo said in a statement.
This year marks the 20th anniversary since Mirae Asset Global Investments’ debut in the foreign market in 2003 with its district office in Hong Kong. After two decades, the firm now spans its business across the US, Canada, Hong Kong and around the world.
In 2018, the firm acquired Global X, a US exchange-traded fund provider. Global X, which managed 8 trillion won at the time of the merger, runs 45 trillion won as of end-2022.
Mirae Asset Global Investments and Global X acquired Australian exchange-traded fund provider ETF Securities. ETF Securities, the seventh runner in the Australian market, runs 4 trillion won.
It is the first time a local investment firm has taken over an overseas ETF provider with profit generated overseas, the firm said.
Following the merger, ETF Securities has changed its name to Global X Australia, targeting the Australian ETF market and the fast-growing pension market.
The firm has also set its eyes on the emerging market, such as India.
Mirae Asset’s district office in India was established in 2006. According to the firm, the subsidiary is the only independent foreign capital investment firm in India. Though many global investment firms backed out of the Indian market or joined hands with local firms after the 2008 financial crisis, Mirae Asset stood firm.
As the system is slated to directly set up and manage funds, the Indian district office’s trust deposit is at 18 trillion won, making the office stand at ninth place in the local market.
Last year, the firm’s Indian subsidiary opened a branch in Dubai, United Arab Emirates to expand its business, considering the desert city’s high interest in investments in India.
Mirae Asset Global Investments has also been making a presence in South America. Global X has joined hands with BB Asset, a capital giant in Brazil, launching a new fund. The firm's Brazil office changed its name to Global X Brazil and introduced a bond-based ETF in 2018 for the first time in the country.
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