Mirae Asset Indian subsidiary surpasses $21.8 bn in AUM

South Korea's Mirae Asset Global Investments Co. announced on Thursday that the total assets under management (AUM) of its Indian subsidiary have surpassed 30 trillion won ($21.8 billion).

As of the end of last month, Mirae Asset Global Investments' Indian subsidiary manages a total of 58 products, including 38 funds and 20 exchange-traded funds (ETFs).

The AUM, which was 10.5 trillion won at the end of 2020, nearly doubled to 20 trillion won by the end of 2022 and grew to 25.8 trillion won by the end of last year. As of the end of last month, it exceeded $21.8 billion.

During this period, the number of retail customer accounts increased from 2.8 million to 6.2 million.

From the beginning of the year to the end of last month, the funds flowing into the bond and hybrid funds managed by the Indian subsidiary totaled 1.3 trillion won, which is three times the annual inflow of last year.

As of the end of last month, the total net assets of ETFs also showed growth, reaching $946 million.

Mirae Asset Global Investments moved in to the Indian ETF market in 2018 by listing the Mirae Asset Nifty 50 ETF and is preparing various innovative theme-based ETF products, including those focused on electric vehicles and AI, this year.

The Dubai branch office of the Indian subsidiary surpassed 400 billion won in AUM just two years after its establishment.

Mirae Asset Global Investments became the first South Korean asset management firm to enter the Middle East region by establishing an office in Dubai, UAE, in 2022.

Write to See-Eun Lee at see@hankyung.com