FROM KOREA’S MARKET PIONEER TO GLOBAL INVESTMENT LEADER
MIRAE ASSET
When Mirae Asset Global Investments made the bold decision to set up a Hong Kong office in 2003 –
becoming the first South Korean asset manager to launch a business overseas – market watchers
doubted how long the firm would survive in such a competitive market.
Over the last 20 years, the firm has become Asia’s leading asset manager, and Mirae Asset has grown to run 59 overseas offices in 19 countries
across the Asia-Pacific, Europe, the Americas and the Middle East. Managing $598.8 billion in assets as of end-2023,
some 40% of the assets are located in global markets, primarily for exchange-traded funds (ETFs) and alternative and traditional assets.
Mirae Asset, a permanent innovator, has expanded its presence in global markets with other major businesses,
such as investment banking, equity brokerages, insurance and venture capital. Today, many Korean
financial services firms benchmark themselves against Mirae Asset when looking to bulk up their global
operations.
Mirae Asset marked a lot of “firsts” in the Korean finance industry, launching
retail mutual funds, private equity funds and real estate trusts faster than any other firms. Established in 1997, it has acquired 13 investment firms worldwide and tailored its
services to local clients, solidifying its position as a financial market leader.
Global Expansion
20 years
Global Markets
19
Global Offices
59
Global ETF AUM Ranking
13
Countries with Clients
50+
INCEPTION IN
ASIAN FINANCIAL CRISIS
Mirae Asset was founded in Seoul in 1997 by Global Strategy Officer (GSO) Hyeon Joo Park, a pioneer of
Korea’s finance industry. Born in 1958 in Gwangju, about 200 miles south of Seoul, Park studied business
management at Korea University. He became interested in the capital markets while in university and
started stock market investing in the late 1970s.
Park started working for a Korean brokerage house in 1986. He gained a reputation as a top salesman of
investment products and became a branch head at the age of 32. Park was well known for his aggressive
approach to sales, strong leadership and thorough analysis of investments. He encouraged his colleagues
to actively create paths for success, famously saying “When there is no wind, run forward to spin
your
pinwheel.”
He established venture capital and financial advisory arms under the Mirae Asset brand, which later
became the foundation of the financial group. Korea enjoyed rapid economic growth from the early 1960s to the
mid-1990s, spurred by the manufacturing, construction and service industries. The founder saw more
Koreans bet on stocks as the country’s middle class increased.
However, the Asian Financial Crisis broke out only six months after he set up the firms. The Korean
economy crashed, several conglomerates went bankrupt, and foreign investors pulled massive capital out
of the country. Korean economic activity significantly shrank in 1998, posting negative 6.7% growth. It
was the worst performance in the modern history of the nation.
But Park didn’t give up on his dream to make Mirae Asset the No. 1 financial group in Korea. Mirae Asset
Global Investments released his namesake Park Hyeon Joo Fund No. 1 in December 1998, the first
close-ended retail mutual fund in Korea. The 50 billion won fund received full subscriptions only three
hours after the launch and logged a 100% return in seven months. The fund posted a final return of
95%.
TRAILBLAZER IN FINANCE
Mirae Asset began marking firsts in Korea in 1998 with the launch of the Park Hyeon
Joo Fund.
It also launched Korea’s first real estate trust and private equity fund in 2004. It earned a
Qualified Foreign Institutional Investor (QFII) designation in 2008 from the Chinese government,
which allowed it to invest in renminbi-denominated local stocks.
Mirae Asset continued to grow even amid the Global Financial Crisis. In 2010, it became Korea’s first
financial services provider to launch a retail mutual fund in the US, and its 14-year company
history was covered as a case study at Harvard Business School. In the following year, it released
Korea’s first Hong Kong-listed ETF.
The founder
has emphasized the ability to forecast markets as crucial in being a leading investor.
“God has
given us two eyes:
One for the present, the other for the future.
If you continue investing and innovating for the future, you can create a better future.
This is how Mirae Asset changes the future through investment.”
By
Hyeon Joo Park, founder and Global Strategy Officer
MIRAE ASSET
Fast Expansion on Global Stage
Total Equity Capital
16.1USD Bil (Dec. 2023)
Equity Capital by Company (Unit: USD Bil)
2.7 Mirae Asset Global
Investments
8.7 Mirae Asset
Securities
2.3 Mirae Asset Life
Insurance
Total Pre-tax Income
1.08 USD Bil (Dec. 2023)
Total Assets Under Management
598.8 USD Bil (Dec. 2023)
Location of Client Assets
82% Korea
18% Global ex Korea
Mirae Asset has made significant growth since its inception through the expansion of its major
affiliates for asset management, investment banking, insurance, venture capital and ETFs.
The financial group’s assets under management (AUM) reached $598.8 billion as of the end of 2023,
with overseas investments making up 18%. The value of assets outside Korea grows much faster than in the home market.
Its equity capital amounted to $16.1 billion as of the end of 2023. Mirae Asset Securities,
Korea’s largest brokerage house, accounted for 54% of the equity.
Mirae Asset Global Investments and Mirae Asset Life Insurance respectively made up 16.8% and 14.3% of the equity.
Mirae Asset achieved $1.08 billion in pre-tax income as of the end of 2023.
PROACTIVE IN M&As
Cementing Market Dominance
Mirae Asset has executed 12 mergers and acquisitions to make a quantum leap as a financial
services
leader. It acquired SK Investment Trust Management and Sejong Investment Trust in 2004 to launch
Mirae Asset Maps Asset Management in the same year. Maps merged with Mirae Asset Global Investments
in 2012.
The financial group also bought Korea’s SK Life Insurance in 2005 and established Mirae Asset Life Insurance.
It executed a 100% takeover of PCA Life Insurance, a former subsidiary of UK-based Prudential, for
$158 million in 2018. Today, the firm is a leader in Korea’s variable insurance and pension
management.
Mirae Asset Securities acquired local peer KDB Daewoo Securities in 2016, emerging as the largest
brokerage firm in Korea. The transaction was regarded as a giant deal, more than doubling Mirae
Asset Securities’ equity capital to nearly 8 trillion won at the time.
It has spurred its ETF management in recent years. It acquired US-based Global X ETF for $488
million in 2018 and also purchased Sydney-based ETF Securities, which accounts for around 4% of
Australia’s ETF market, for 120 billion won and rebranded it as Global X ETFs in September 2022.
Mirae Asset completed the acquisition of UK-based ETF specialist GHCO in May 2023 and plans to enter
the European ETF market, the world’s second-largest after the US.
MIRAE ASSET GLOBAL INVESTMENTS
Asia’s Leading Investment Manager
Total AUM (Client Assets)
234 USD Bil
Global ex Korea AUM
96 USD Bil
(Dec. 2023)
Mirae Asset Global Investments is the top asset manager in Korea by equity capital,
which amounts to $2.8 billion as of end-2023. Its three major areas are ETFs, alternative investments and traditional investments.
The firm’s AUM reached $234 billion as of December 2023, with overseas assets making up 41%.
It opened a Hong Kong office in 2003, becoming the first Korean investment firm to make a global footprint.
The asset manager operates 31 offices in 16 markets worldwide today.
EXCHANGE-TRADED FUNDS
Global X, Mirae Asset’s Brand
Power
Total AUM (Client
Assets)
108.9 USD Bil
Global ETF AUM
Ranking
12th
ETFs Globally
575
(Dec. 2023)
Exchange-traded funds are the largest part of Mirae Asset Global Investments’ businesses.
The index fund platform makes up 47% of the asset manager’s financial products and operates
575 funds worldwide with $108.9 billion in AUM as of end-2023.
The asset manager’s ETF business is led by Global X, a US subsidiary with $42.5 billion in AUM.
In 2018, Mirae Asset acquired Global X, a notable ETF provider in the US. Over the past six years, Global X has experienced tremendous growth,
increasing its AUM by approximately seven-fold since the acquisition.
Global X has distinguished itself from other traditional asset managers
by offering innovative solutions, with a specialized focus on Thematic and Income products. With a dedicated in-house research team, Global X consistently
provides investors with high quality product and industry-related analysis.
Moreover, in 2022, re-branding efforts such as renaming ‘MAGI Brazil’ to ‘Global X Brazil’ and ‘ETF Securities’ to ‘Global X Australia’ were
undertaken to bolster the Global X brand’s presence in the global financial arena.
As of December 2023, Global X boasts approximately $50.9 billion in AUM and
offers a total of 254 ETF lineups across various regions worldwide, including the US, Hong Kong, Europe, Japan, Colombia, and Australia.
Mirae Asset Global Investments and Global X jointly purchased Australia’s ETF Securities
in June 2022. It was the first time a Korean asset management firm acquired an overseas
ETF company by using earnings from a global business.
The Korean investment firm further strengthens the brand power of Global X. It has
renamed ETF Securities and its Sao Paulo affiliate as Global X Australia and Global X
Brazil, respectively.
Mirae Asset Global Investments also established Global X Japan in 2019, a Tokyo-based
joint venture between Daiwa Securities Group, and aims for expansion in Southeast Asia
and the Middle East.
ONE OF INDIA’S TOP 10 MANAGERS
Mirae Asset Global Investments is solidifying its leadership in India, a challenging market for foreign
financial services companies. The firm has grown to the ninth-largest investment manager in the South Asian
country in 2022, 15 years after starting a business there. As of May 2024, the Indian affiliate is the
only
independent investment manager run by foreign capital.
The firm established its Mumbai office in 2006 and launched its first ETF in the country in 2008. To meet
Korean investors’ growing needs for Indian stocks, it listed Mirae Asset Tiger Synth-India Leverage ETF on
the Korea Exchange in 2016 and launched a sister fund Tiger India Nifty 50 ETF in April 2023, targeting
blue-chip companies in the emerging market.
Mirae Asset sees great opportunity in the huge growth of India, the world’s fourth-largest economy. At the
affiliate’s 15th-anniversary celebration event in January 2023, founder Park said India has enormous
potential for growth given its great enthusiasm for education, global top academic institutions and fluency
in English.
It spurs investments in India’s venture capital scene as well as non-banking financial services,
such as deposit, loan and insurance. It manages $19.2 billion in assets as of the end of 2023.
The Mumbai affiliate set up a Dubai office in September 2022, betting that the rapid increase in India’s
wealth management market would boost United Arab Emirates’ financial services for high-net-worth
individuals. Some 35% of the population in Dubai is Indian, and they have high demand for financial services
to invest in India, as well as global markets. Through the opening of the Dubai office, Mirae Asset became
the first Korean asset manager to establish an affiliate in the Middle East.
ALTERNATIVE INVESTMENTS
Prime Offices and Private Equity
in Growth Sectors
The firm manages a diversified portfolio of alternative investments.
It proactively invests in global real estate with a portfolio of around 60 investments as of end-2023.
It primarily targets core properties, which are located in populated areas and offer stable cash flow.
Among them are US-based Park Center, a class A building that includes Atlanta State Farm's headquarters;
Taunusanlage 8, a landmark office tower located in the banking district of Frankfurt; Shanghai Mirae Asset Tower,
the first overseas real estate investment by a Korean institutional investor; and Four Seasons Hotel Sydney.
The investment firm also holds equity in various business sector targets.
It owns equity in golf equipment maker Titleist, golf apparel producer FootJoy,
healthcare firm HK inno.N and defense company Korea Aerospace Industries.
For venture capital investments, it has bought shares in plant-based alternative meat maker Impossible Foods,
ride-hailing company Grab, mobility tech firm Beijing Didi Chuxing Technology,
online grocery store BigBasket and e-commerce app operator Bukalapak.
TRADITIONAL ASSETS
Stocks and Fixed Income
Mirae Asset Global Investments manages traditional assets,
such as equity and fixed income in domestic and overseas public markets.
Its bond management arm operates teams for macro and credit research,
as well as quantamental and artificial intelligence-based investment strategies.
It invests both in the South Korean won- and the US dollar-denominated bonds.
Some 52% of its listed stock portfolio is in growth stocks,
which are expected to rise at a faster rate than the overall market.
It takes a bottom-up approach, which focuses on target companies’ fundamentals
rather than macroeconomic and market cycles, to seek out sectors and corporates with great potential.
MIRAE ASSET SECURITIES
Major Investment Banker in Asia
Total AUM (Client Assets)
329.5 USD Bil
Equity Capital
8.7 USD Bil
Pre-Tax Income
291.8 USD Mil
(Dec. 2023)
Mirae Asset Securities is a leading investment banking services provider in Asia.
It manages $329.4 billion in assets and $8.7 billion in equity capital as of end-2023.
Its equity capital has steadily increased, marking 21.7% growth for four years from 2019.
It operates 12 overseas subsidiaries and three representative offices across Asia,
the Americas and Europe, with the most extensive global network for a Korean brokerage house.
The firm’s investment banking makes up the biggest part of its business,
and other major parts include securities trading, wealth management, growth sector investments and alternative asset management.
GLOBAL IB, SALES, TRADING
Customization to Local
Appetites
Mirae Asset Securities focuses on localization strategies tailored to each market to quickly
respond to differences in their economic and business environments.
In developed markets in North America and Europe, the firm invests in prime assets and strives
to expand investment banking, sales and trading businesses. In emerging markets in Asia and
Latin America, it is increasing its customer base with brokerage services for retail and
institutional investors, as well as strengthening wealth management, investment banking and
securities trading.
Mirae Asset Securities is solidifying its position in the retail finance sector of India.
The number of its retail customer accounts in Asia’s third-largest economy exceeded 1 million in February 2024, less than two years since it launched the digital trading platform m.Stock in April 2022.
As of January 2024, the firm ranked eighth in online brokerage service providers and 16th in total brokerage houses in India.
The Indian affiliate manages about 730 billion won in client assets and 180 billion won in multilateral trading facility (mtf) as of February 2024, with 2.1 million transactions a day.
The firm is set to launch the upgraded version of the trading platform m.Stock 2.0 in the second half of 2024.
Mirae Asset Securities established the Indian affiliate in 2018 and increased its equity capital to $450 million via a rights offering in May 2023.
In December 2023, the firm signed an agreement to buy India’s 10th-largest brokerage firm Sharekhan Ltd. from French investment banking group BNP Paribas. Established in 2000,
Sharekhan has about 3,500 employees and 3 million accounts.
Mirae Asset Securities, along with Mirae Asset Global Investments, aims to become a top-five player in the Indian financial service market.
Mirae Asset Securities is sharpening its competitive edge in Hong Kong, offering a broad
range of services for investments, brokerage, sales and trading. Based on strong local
networks, it invests in corporates in growth sectors such as artificial intelligence and
biopharmaceuticals.
The Hong Kong subsidiary is set to provide a range of financial products, such as
derivatives and alternative investment funds, for turnarounds in the post-pandemic era.
Alongside the Hong Kong unit, the Singapore subsidiary is intensifying its role to lead
investment banking services in the Southeast Asian market.
Its subsidiaries in New York and London focus on brokerage and sales & trading businesses.
The New York affiliate is particularly strengthening services for US institutional
investors, as well as pre-initial public offering funding and investment banking deals.
POWERFUL DEALMAKER
Mirae Asset Securities is specialized in investment banking and advisory services for deals, such
as mergers and acquisitions, spin-offs, IPO, issuing corporate bonds and equities, real estate
project financing and asset securitization.
It also executes multinational deals for alternative assets including real estate and
infrastructure and offers financial products via private equity funds and real estate investment
trusts (REITs). Among its major real estate deals were an Amazon logistics center in Atlanta,
Georgia (2018), Fairmont Orchid, Hawaii (2018), AlphaDom City Pangyo, Korea (2018) and Aoyama
Building in Tokyo (2019). It also provided acquisition financing for Korea’s SK power plant
construction firm Ecoplant in 2022 and petrochemicals company Lotte Chemical in 2023.
MIRAE ASSET LIFE INSURANCE
From Fast Growth at Home to SE Asia
Expansion
Total AUM (Client Assets)
25.4 USD Bil
Equity Capital
2.24 USD Bil
(Dec. 2023)
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Mirae Asset Life Insurance is the financial group’s insurance arm specializing in retirement planning.
It offers variable life insurance, principal-protecting pensions and asset management advisory services.
The insurer manages $25.4 billion in assets and $2.24 billion in equity capital as of end-2023.
The insurance company focuses on asset allocation diversification.
More than 70% of the assets for its variable insurance funds are located overseas, and the remainder is based in Korea.
The company’s global business particularly stands out in Vietnam, which shows the world’s fastest growth of the middle class and rising insurance demand.
It entered the Southeast Asian country by launching Mirae Asset Prevoir Life Insurance Company in May 2018, with a 50% stake for 51.7 billion won via a rights offering.
Mirae Asset has built a strong sales network in Vietnam with localization strategies, on which the affiliates fully capitalize for their business expansion.
In 2016, Mirae Asset Prevoir closed an exclusive partnership with Vietnam’s National Citizen Bank (NCB) to step up its bancassurance sales in the local market.
In October 2022, Mirae Asset Prevoir reached an agreement with local stock trading firm Happy Money to sell and distribute life insurance products there.
In 2023, the insurer posted 291.8 billion won in contractual service margin (CSM), a key indicator for insurance company’s profitability, up 7.2% from a year earlier. The firm’s five-year return from variable insurance funds reached 34% as of end-2023,
topping Korea’s seven life insurers with more than 30 trillion won in assets.
The company logged 110.3 billion won in operating profit on a consolidated basis in 2023, increasing 25.3% from a year earlier.
MIRAE ASSET CAPITAL
Funding New Growth Sectors
Mirae Asset Capital provides financing solutions for fast-growing industries. It manages $4.9 billion in assets as of end-2023.
Its major businesses are categorized into four areas: investing in new growth sectors such as information, communication and
technology/Internet of Things and biotech; providing data-driven services for loans; lease financing; and offering leveraged
loans for corporate lending, project financing, M&As and mezzanine debt.
MIRAE ASSET VENTURE INVESTMENTS
Bio, IT, Gaming, Chips in Early
Stage
Mirae Asset Venture Investments discovers and invests in global startups. As a unit within Mirae Asset Securities,
it closely works with the parent company’s investment bank division and research center to provide a full range of services for IPOs.
The venture capital management firm’s AUM reached 1.2 trillion won as of December 2023. It primarily invests in biotech,
information technology, gaming and semiconductor, while expanding target sectors to eco-friendly food, energy transition, education, entertainment and leisure.
MIRAE ASSET PARK HYEON JOO FOUNDATION
Towards a Sustainable
Future
Mirae Asset has made efforts to make the world a better place.
It established the founder’s namesake Mirae Asset Park Hyeon Joo Foundation
in 2000 and has supported students with scholarship programs, global youth exchanges, education financing and donations.
As of the end of March 2024, the foundation has helped 442,401 students
and children fulfill their dreams. A total of 13,332 students have received scholarship support,
including 6,963 students with financial aid for study out of Korea. In the global scholarship program,
around 38% and 40% of the beneficiaries have studied in North America and Europe, respectively. Some 20% have pursued education in Asia.
The foundation has also sponsored trips for 15,290 students for global leadership,
cultural exchange programs and finance education for youth and children.
It has proactively supported financial education for 413,779 students by providing schools
with lectures to reduce financial literacy gaps. Also, a total of 15,290 students were supported
to go on global expedition, including 13,322 for developing leadership.
Mirae Asset Foundation is growing its presence, particularly in India and Vietnam.
Since the Indian branch’s inception in 2018, it has granted local students international scholarships
and has enhanced the educational environment for children. The foundation has also supported academic research
and educational infrastructure development in India.
It has been accelerating educational support in Vietnam since 2022.
The foundation has offered scholarships to students and the educational infrastructure there.
Written by Jihyun Kim snowy@hankyung.com Designed
by Sunny Park shpark@hankyung.com
Global Expansion
20 years
Global Markets
19
Global Offices
59
Global ETF AUM Ranking
13
Countries with Clients
50+
INCEPTION IN ASIAN FINANCIAL CRISIS
Mirae Asset was founded in Seoul in 1997 by Global Strategy Officer (GSO) Hyeon Joo Park, a pioneer of
Korea’s finance industry. Born in 1958 in Gwangju, about 200 miles south of Seoul, Park studied business
management at Korea University. He became interested in the capital markets while in university and
started stock market investing in the late 1970s.
Park started working for a Korean brokerage house in 1986. He gained a reputation as a top salesman of
investment products and became a branch head at the age of 32. Park was well known for his aggressive
approach to sales, strong leadership and thorough analysis of investments. He encouraged his colleagues
to actively create paths for success, famously saying “When there is no wind, run forward to spin
your
pinwheel.”
He established venture capital and financial advisory arms under the Mirae Asset brand, which later
became the foundation of the financial group. Korea enjoyed rapid economic growth from the early 1960s to the
mid-1990s, spurred by the manufacturing, construction and service industries. The founder saw more
Koreans bet on stocks as the country’s middle class increased.
However, the Asian Financial Crisis broke out only six months after he set up the firms. The Korean
economy crashed, several conglomerates went bankrupt, and foreign investors pulled massive capital out
of the country. Korean economic activity significantly shrank in 1998, posting negative 6.7% growth. It
was the worst performance in the modern history of the nation.
But Park didn’t give up on his dream to make Mirae Asset the No. 1 financial group in Korea. Mirae Asset
Global Investments released his namesake Park Hyeon Joo Fund No. 1 in December 1998, the first
close-ended retail mutual fund in Korea. The 50 billion won fund received full subscriptions only three
hours after the launch and logged a 100% return in seven months. The fund posted a final return of
95%.
TRAILBLAZER IN FINANCE
Mirae Asset began marking firsts in Korea in 1998 with the launch of the Park Hyeon
Joo Fund.
It also launched Korea’s first real estate trust and private equity fund in 2004. It earned a
Qualified Foreign Institutional Investor (QFII) designation in 2008 from the Chinese government,
which allowed it to invest in renminbi-denominated local stocks.
Mirae Asset continued to grow even amid the Global Financial Crisis. In 2010, it became Korea’s first
financial services provider to launch a retail mutual fund in the US, and its 14-year company
history was covered as a case study at Harvard Business School. In the following year, it released
Korea’s first Hong Kong-listed ETF.
The founder
has emphasized the ability to forecast markets as crucial in being a leading investor.
“God has
given us two eyes:
One for the present, the other for the future.
If you continue investing and innovating for the future, you can create a better future.
This is how Mirae Asset changes the future through investment.”
By
Hyeon Joo Park, founder and Global Strategy Officer
MIRAE ASSET
Fast Expansion on Global Stage
Total Equity Capital
16.1USD Bil (Dec. 2023)
Equity Capital by Company (Unit: USD Bil)
2.7 Mirae Asset Global Investments
8.7 Mirae Asset Securities
2.3 Mirae Asset Life Insurance
Total Pre-tax Income
1.08 USD Bil (Dec. 2023)
Total Assets Under Management
598.8 USD Bil (Dec. 2023)
Location of Client Assets
82% Korea
18% Global ex Korea
Mirae Asset has made significant growth since its inception through the expansion of its major
affiliates for asset management, investment banking, insurance, venture capital and ETFs.
The financial group’s assets under management (AUM) reached $598.8 billion as of the end of 2023,
with overseas investments making up 18%. The value of assets outside Korea grows much faster than in the home market.
Its equity capital amounted to $16.1 billion as of the end of 2023. Mirae Asset Securities,
Korea’s largest brokerage house, accounted for 54% of the equity.
Mirae Asset Global Investments and Mirae Asset Life Insurance respectively made up 16.8% and 14.3% of the equity.
Mirae Asset achieved $1.08 billion in pre-tax income as of the end of 2023.
PROACTIVE IN M&As
Cementing Market Dominance
The financial group also bought Korea’s SK Life Insurance in 2005 and established Mirae Asset Life Insurance. It executed a 100% takeover of PCA Life Insurance, a former subsidiary of UK-based Prudential, for $158 million in 2018. Today, the firm is a leader in Korea’s variable insurance and pension management.
Mirae Asset Securities acquired local peer KDB Daewoo Securities in 2016, emerging as the largest brokerage firm in Korea. The transaction was regarded as a giant deal, more than doubling Mirae Asset Securities’ equity capital to nearly 8 trillion won at the time.
It has spurred its ETF management in recent years. It acquired US-based Global X ETF for $488 million in 2018 and also purchased Sydney-based ETF Securities, which accounts for around 4% of Australia’s ETF market, for 120 billion won and rebranded it as Global X ETFs in September 2022. Mirae Asset completed the acquisition of UK-based ETF specialist GHCO in May 2023 and plans to enter the European ETF market, the world’s second-largest after the US.
MIRAE ASSET GLOBAL INVESTMENTS
Asia’s Leading Investment Manager
Total AUM (Client Assets)
234 USD Bil
Global ex Korea AUM
96 USD Bil
(Dec. 2023)
Mirae Asset Global Investments is the top asset manager in Korea by equity capital,
which amounts to $2.8 billion as of end-2023. Its three major areas are ETFs, alternative investments and traditional investments.
The firm’s AUM reached $234 billion as of December 2023, with overseas assets making up 41%.
It opened a Hong Kong office in 2003, becoming the first Korean investment firm to make a global footprint.
The asset manager operates 31 offices in 16 markets worldwide today.
EXCHANGE-TRADED FUNDS
Global X, Mirae Asset’s Brand Power
Total AUM (Client Assets)
108.9 USD Bil
Global ETF AUM Ranking
12th
ETFs Globally
575
(Dec. 2023)
Exchange-traded funds are the largest part of Mirae Asset Global Investments’ businesses.
The index fund platform makes up 47% of the asset manager’s financial products and operates
575 funds worldwide with $108.9 billion in AUM as of end-2023.
The asset manager’s ETF business is led by Global X, a US subsidiary with $42.5 billion in AUM.
In 2018, Mirae Asset acquired Global X, a notable ETF provider in the US. Over the past six years, Global X has experienced tremendous growth,
increasing its AUM by approximately seven-fold since the acquisition.
Global X has distinguished itself from other traditional asset managers
by offering innovative solutions, with a specialized focus on Thematic and Income products. With a dedicated in-house research team, Global X consistently
provides investors with high quality product and industry-related analysis.
Moreover, in 2022, re-branding efforts such as renaming ‘MAGI Brazil’ to ‘Global X Brazil’ and ‘ETF Securities’ to ‘Global X Australia’ were
undertaken to bolster the Global X brand’s presence in the global financial arena.
As of December 2023, Global X boasts approximately $50.9 billion in AUM and
offers a total of 254 ETF lineups across various regions worldwide, including the US, Hong Kong, Europe, Japan, Colombia, and Australia.
Mirae Asset Global Investments and Global X jointly purchased Australia’s ETF Securities
in June 2022. It was the first time a Korean asset management firm acquired an overseas
ETF company by using earnings from a global business.
The Korean investment firm further strengthens the brand power of Global X. It has
renamed ETF Securities and its Sao Paulo affiliate as Global X Australia and Global X
Brazil, respectively.
Mirae Asset Global Investments also established Global X Japan in 2019, a Tokyo-based
joint venture between Daiwa Securities Group, and aims for expansion in Southeast Asia
and the Middle East.
ONE OF INDIA’S TOP 10 MANAGERS
Mirae Asset Global Investments is solidifying its leadership in India, a challenging market for foreign financial services companies. The firm has grown to the ninth-largest investment manager in the South Asian country in 2022, 15 years after starting a business there. As of May 2024, the Indian affiliate is the only independent investment manager run by foreign capital.
The firm established its Mumbai office in 2006 and launched its first ETF in the country in 2008. To meet Korean investors’ growing needs for Indian stocks, it listed Mirae Asset Tiger Synth-India Leverage ETF on the Korea Exchange in 2016 and launched a sister fund Tiger India Nifty 50 ETF in April 2023, targeting blue-chip companies in the emerging market.
Mirae Asset sees great opportunity in the huge growth of India, the world’s fourth-largest economy. At the affiliate’s 15th-anniversary celebration event in January 2023, founder Park said India has enormous potential for growth given its great enthusiasm for education, global top academic institutions and fluency in English.
It spurs investments in India’s venture capital scene as well as non-banking financial services, such as deposit, loan and insurance. It manages $19.2 billion in assets as of the end of 2023.
The Mumbai affiliate set up a Dubai office in September 2022, betting that the rapid increase in India’s wealth management market would boost United Arab Emirates’ financial services for high-net-worth individuals. Some 35% of the population in Dubai is Indian, and they have high demand for financial services to invest in India, as well as global markets. Through the opening of the Dubai office, Mirae Asset became the first Korean asset manager to establish an affiliate in the Middle East.
ALTERNATIVE INVESTMENTS
Prime Offices and Private Equity in Growth Sectors
The firm manages a diversified portfolio of alternative investments.
It proactively invests in global real estate with a portfolio of around 60 investments as of end-2023.
It primarily targets core properties, which are located in populated areas and offer stable cash flow.
Among them are US-based Park Center, a class A building that includes Atlanta State Farm's headquarters;
Taunusanlage 8, a landmark office tower located in the banking district of Frankfurt; Shanghai Mirae Asset Tower,
the first overseas real estate investment by a Korean institutional investor; and Four Seasons Hotel Sydney.
The investment firm also holds equity in various business sector targets.
It owns equity in golf equipment maker Titleist, golf apparel producer FootJoy,
healthcare firm HK inno.N and defense company Korea Aerospace Industries.
For venture capital investments, it has bought shares in plant-based alternative meat maker Impossible Foods,
ride-hailing company Grab, mobility tech firm Beijing Didi Chuxing Technology,
online grocery store BigBasket and e-commerce app operator Bukalapak.
TRADITIONAL ASSETS
Stocks and Fixed Income
Mirae Asset Global Investments manages traditional assets,
such as equity and fixed income in domestic and overseas public markets.
Its bond management arm operates teams for macro and credit research,
as well as quantamental and artificial intelligence-based investment strategies.
It invests both in the South Korean won- and the US dollar-denominated bonds.
Some 52% of its listed stock portfolio is in growth stocks,
which are expected to rise at a faster rate than the overall market.
It takes a bottom-up approach, which focuses on target companies’ fundamentals
rather than macroeconomic and market cycles, to seek out sectors and corporates with great potential.
MIRAE ASSET SECURITIES
Major Investment Banker in Asia
Total AUM (Client Assets)
329.5 USD Bil
Equity Capital
8.7 USD Bil
Pre-Tax Income
291.8 USD Mil
(Dec. 2023)
Mirae Asset Securities is a leading investment banking services provider in Asia.
It manages $329.4 billion in assets and $8.7 billion in equity capital as of end-2023.
Its equity capital has steadily increased, marking 21.7% growth for four years from 2019.
It operates 12 overseas subsidiaries and three representative offices across Asia,
the Americas and Europe, with the most extensive global network for a Korean brokerage house.
The firm’s investment banking makes up the biggest part of its business,
and other major parts include securities trading, wealth management, growth sector investments and alternative asset management.
GLOBAL IB, SALES, TRADING
Customization to Local Appetites
Mirae Asset Securities focuses on localization strategies tailored to each market to quickly
respond to differences in their economic and business environments.
In developed markets in North America and Europe, the firm invests in prime assets and strives
to expand investment banking, sales and trading businesses. In emerging markets in Asia and
Latin America, it is increasing its customer base with brokerage services for retail and
institutional investors, as well as strengthening wealth management, investment banking and
securities trading.
Mirae Asset Securities is solidifying its position in the retail finance sector of India.
The number of its retail customer accounts in Asia’s third-largest economy exceeded 1 million in February 2024, less than two years since it launched the digital trading platform m.Stock in April 2022.
As of January 2024, the firm ranked eighth in online brokerage service providers and 16th in total brokerage houses in India.
The Indian affiliate manages about 730 billion won in client assets and 180 billion won in multilateral trading facility (mtf) as of February 2024, with 2.1 million transactions a day.
The firm is set to launch the upgraded version of the trading platform m.Stock 2.0 in the second half of 2024.
Mirae Asset Securities established the Indian affiliate in 2018 and increased its equity capital to $450 million via a rights offering in May 2023.
In December 2023, the firm signed an agreement to buy India’s 10th-largest brokerage firm Sharekhan Ltd. from French investment banking group BNP Paribas. Established in 2000,
Sharekhan has about 3,500 employees and 3 million accounts.
Mirae Asset Securities, along with Mirae Asset Global Investments, aims to become a top-five player in the Indian financial service market.
Mirae Asset Securities is sharpening its competitive edge in Hong Kong, offering a broad
range of services for investments, brokerage, sales and trading. Based on strong local
networks, it invests in corporates in growth sectors such as artificial intelligence and
biopharmaceuticals.
The Hong Kong subsidiary is set to provide a range of financial products, such as
derivatives and alternative investment funds, for turnarounds in the post-pandemic era.
Alongside the Hong Kong unit, the Singapore subsidiary is intensifying its role to lead
investment banking services in the Southeast Asian market.
Its subsidiaries in New York and London focus on brokerage and sales & trading businesses.
The New York affiliate is particularly strengthening services for US institutional
investors, as well as pre-initial public offering funding and investment banking deals.
POWERFUL DEALMAKER
Mirae Asset Securities is specialized in investment banking and advisory services for deals, such
as mergers and acquisitions, spin-offs, IPO, issuing corporate bonds and equities, real estate
project financing and asset securitization.
It also executes multinational deals for alternative assets including real estate and
infrastructure and offers financial products via private equity funds and real estate investment
trusts (REITs). Among its major real estate deals were an Amazon logistics center in Atlanta,
Georgia (2018), Fairmont Orchid, Hawaii (2018), AlphaDom City Pangyo, Korea (2018) and Aoyama
Building in Tokyo (2019). It also provided acquisition financing for Korea’s SK power plant
construction firm Ecoplant in 2022 and petrochemicals company Lotte Chemical in 2023.
MIRAE ASSET LIFE INSURANCE
From Fast Growth at Home to SE Asia Expansion
Total AUM (Client Assets)
25.4 USD Bil
Equity Capital
2.24 USD Bil
(Dec. 2023)
Mirae Asset Life Insurance is the financial group’s insurance arm specializing in retirement planning.
It offers variable life insurance, principal-protecting pensions and asset management advisory services.
The insurer manages $25.4 billion in assets and $2.24 billion in equity capital as of end-2023.
The insurance company focuses on asset allocation diversification.
More than 70% of the assets for its variable insurance funds are located overseas, and the remainder is based in Korea.
The company’s global business particularly stands out in Vietnam, which shows the world’s fastest growth of the middle class and rising insurance demand.
It entered the Southeast Asian country by launching Mirae Asset Prevoir Life Insurance Company in May 2018, with a 50% stake for 51.7 billion won via a rights offering.
Mirae Asset has built a strong sales network in Vietnam with localization strategies, on which the affiliates fully capitalize for their business expansion.
In 2016, Mirae Asset Prevoir closed an exclusive partnership with Vietnam’s National Citizen Bank (NCB) to step up its bancassurance sales in the local market.
In October 2022, Mirae Asset Prevoir reached an agreement with local stock trading firm Happy Money to sell and distribute life insurance products there.
In 2023, the insurer posted 291.8 billion won in contractual service margin (CSM), a key indicator for insurance company’s profitability, up 7.2% from a year earlier. The firm’s five-year return from variable insurance funds reached 34% as of end-2023,
topping Korea’s seven life insurers with more than 30 trillion won in assets.
The company logged 110.3 billion won in operating profit on a consolidated basis in 2023, increasing 25.3% from a year earlier.
MIRAE ASSET CAPITAL
Funding New Growth Sectors
Mirae Asset Capital provides financing solutions for fast-growing industries. It manages $4.9 billion in assets as of end-2023.
Its major businesses are categorized into four areas: investing in new growth sectors such as information, communication and
technology/Internet of Things and biotech; providing data-driven services for loans; lease financing; and offering leveraged
loans for corporate lending, project financing, M&As and mezzanine debt.
MIRAE ASSET VENTURE INVESTMENTS
Bio, IT, Gaming, Chips in Early Stage
Mirae Asset Venture Investments discovers and invests in global startups. As a unit within Mirae Asset Securities,
it closely works with the parent company’s investment bank division and research center to provide a full range of services for IPOs.
The venture capital management firm’s AUM reached 1.2 trillion won as of December 2023. It primarily invests in biotech,
information technology, gaming and semiconductor, while expanding target sectors to eco-friendly food, energy transition, education, entertainment and leisure.
MIRAE ASSET PARK HYEON JOO FOUNDATION
Towards a Sustainable Future
As of the end of March 2024, the foundation has helped 442,401 students and children fulfill their dreams. A total of 13,332 students have received scholarship support, including 6,963 students with financial aid for study out of Korea. In the global scholarship program, around 38% and 40% of the beneficiaries have studied in North America and Europe, respectively. Some 20% have pursued education in Asia.
The foundation has also sponsored trips for 15,290 students for global leadership, cultural exchange programs and finance education for youth and children.
It has proactively supported financial education for 413,779 students by providing schools with lectures to reduce financial literacy gaps. Also, a total of 15,290 students were supported to go on global expedition, including 13,322 for developing leadership.
Mirae Asset Foundation is growing its presence, particularly in India and Vietnam. Since the Indian branch’s inception in 2018, it has granted local students international scholarships and has enhanced the educational environment for children. The foundation has also supported academic research and educational infrastructure development in India.
It has been accelerating educational support in Vietnam since 2022. The foundation has offered scholarships to students and the educational infrastructure there.
Written by Jihyun Kim snowy@hankyung.com Designed by Sunny Park shpark@hankyung.com