Mirae Asset Global Investments India Manages 1 Trillion Won in Assets
Mirae Asset Global Investments India Manages 1 Trillion Won in Assets
  • By Oh Hae-young (info@koreaittimes.com)
  • 승인 2016.10.21 11:25
  • 댓글 0
이 기사를 공유합니다

The Indian unit of South Korea’s Mirae Asset Global Investments has seen its assets under management (AUM) break the 1 trillion won mark (or 61 billion rupees).

Since its entry into the Indian market 10 years ago, Mirae Asset Global Investments, the only wholly foreign-owned asset management firm in India, has set up funds and operating systems by itself, thus seeing its AUM growing sharply. So far this year, its AUM has jumped by over 500 billion won.

While global asset management firms have either withdrawn from the Indian market or switched into joint ventures since the 1997-98 Asian financial crisis, Mirae Asset Global Investments has continued to make investment based on its analysis of growth potential. In particular, its localization strategy centered on hiring locals is believed to have paid off: 82 employees of the 83-strong Mirae Asset Global Investments (India) are Indians.

The Indian fund market is valued at 266 trillion won, only 55 percent of the Korean fund market’s value. However, the Indian fund market has been rapidly growing by more than 25 percent annually since 2014.

A Mirae Asset official said, “The benchmark interest rate stands at 6.25 percent, so bond funds account for 65 percent. However, as India's central bank has cut its key interest rate to a six-year low of 6.25 percent, there is a growing interest in equity funds.”

Since Mirae Asset Global Investments established its first global operation in Hong Kong back in 2003, it has expanded into 12 countries including the U.S., Canada, China and Brazil.

The combined AUM of its foreign operations surpassed 12 trillion won in late August. And overseas funds make up a third of the company’s total assets worth 109 trillion won. This year alone, its overseas funds ballooned by more than 5.5 trillion won.

Neelesh Surana, CIO of Mirae Asset Global Investments (India), said, “Mirae Asset was the first Korean investment management firm in India that started selling its own fund products specifically designed for local customers. This year, we mark the 10th anniversary, witnessing our AUM exceeding 1 trillion won. It brings back old memories for me.”


댓글삭제
삭제한 댓글은 다시 복구할 수 없습니다.
그래도 삭제하시겠습니까?
댓글 0
댓글쓰기
계정을 선택하시면 로그인·계정인증을 통해
댓글을 남기실 수 있습니다.

  • ABOUT
  • CONTACT US
  • SIGN UP MEMBERSHIP
  • RSS
  • 2-D 678, National Assembly-daero, 36-gil, Yeongdeungpo-gu, Seoul, Korea (Postal code: 07257)
  • URL: www.koreaittimes.com | Editorial Div: 82-2-578- 0434 / 82-10-2442-9446 | North America Dept: 070-7008-0005 | Email: info@koreaittimes.com
  • Publisher and Editor in Chief: Monica Younsoo Chung | Chief Editorial Writer: Hyoung Joong Kim | Editor: Yeon Jin Jung
  • Juvenile Protection Manager: Choul Woong Yeon
  • Masthead: Korea IT Times. Copyright(C) Korea IT Times, All rights reserved.
ND소프트