Mirae Asset Mutual Fund – Headquartered in Seoul, South Korea, Mirae Asset Financial Group is one of the key players in the Asian financial market. Its asset management wing, the Mirae Asset Global Investments, commenced operation in 1997 and has expanded its business globally in a relatively short span of time. Today, Mirae Asset Mutual Fund has its presence in 14 countries spread across 5 continents. From the USA to Europe and India, Mirae Asset has been helping people invest prudently through their asset management company.
Originating in the backdrop of the Asian currency crisis, Mirae Asset began cautiously, concentrating more on the Korean market initially. Founded by the visionary Hyeon Joo Park, Mirae Asset became the first AMC to present mutual funds to retail investors back in 1998.
After consolidating its presence in the South Korean market, Mirae Asset swiftly moved to capture the global market. The first straw was the establishment of their corporate office in Hong Kong in 2003. Today, Mirae Asset has a strong presence in India, Australia, Canada, Brazil, Indonesia, the USA, the UK and Vietnam, among others.
In its relatively short but decorated history, Mirae Asset Mutual Funds has reached several landmarks, previously unheard of from Korean AMCs. In 2005, they launched the first overseas investment in South Korea, the Mirae Asset Retirement Pension Fund. Just two years later, they launched their business in India and the UK.
The following year, they expanded to the USA and Brazil while winning accolades for being the largest investor in the emerging Asian markets. They even penetrated the traditionally closed Chinese market as they became the first and only Korean company to set up a joint venture AMC in the country, namely Mirae Asset Huachen Fund Management.
The Indian wing of the AMC, Mirae Asset Global Investments (India) Pvt. Ltd. was launched in the November of 2007, becoming only their second overseas branch after Hong Kong. Note that Mirae Asset has been present in the Indian market since 2004 as a foreign institutional investor, but they commenced domestic business only in 2008. Currently, they handle assets worth over Rs. 100908.71 Crore spread across 38 schemes in India.
Mirae Asset is considered one of the fastest growing AMCs in India. From a meagre 51,304 folios in 2013, they ballooned to over 11 Lakh in 2018, in a matter of just 5 years.