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Earnings

Mirae Asset Global Investments posts record-high Q1-Q3 net profit

Net profit for the first three quarters increased by 62.4% to 453.2 billion won, including 265.1 billion won from its overseas affiliates

By Nov 16, 2021 (Gmt+09:00)

Mirae Asset Global Investments' ETF provider Tiger ETF reached 1.5 trillion won in AUM in August
Mirae Asset Global Investments' ETF provider Tiger ETF reached 1.5 trillion won in AUM in August

Mirae Asset Global Investments Co. announced on Nov. 15 that its operating profit and net profit for the first three quarters came in at 312.4 billion won ($265.3 million) and 453.2 billion won, respectively. The figures increased 83.4% and 62.4%, respectively, compared to the same period last year, with net profit hitting a fresh high for the period.

For the asset manager’s earnings in the third quarter alone, operating profit increased 38.6% to 84 billion won and net profit declined 37.9% to 83.7 billion won, compared to the third quarter of 2020.

The Korean asset manager said its overseas affiliates led the earnings increase. The overseas subsidiaries’ operating profit for the first three quarters rose 85.6% on-year to 135.5 billion won, and the net profit rose 413.5% on-year to a record high of 265.1 billion won. The overseas subsidiaries’ net assets, the value of the assets minus its liabilities, jumped 6.5 times from 14 trillion won at end-2016 to 90.6 trillion won at end-September 2021. However, these figures haven't reflected some factors such as taxes imposed by local and overseas authorities and the Korean asset manager's different shareholding percentages in each overseas affiliate, a Mirae Asset Global Investments official told The Korea Economic Daily. The local and global sum of 453.2 billion won in net profit until the third quarter reflects these factors, he added.

Q1-Q3 2021 Earnings of Mirae Asset Global Investments
Unit: 100 million won

Operating profit

Net profit

Graphics by Jerry Lee

Source: Mirae Asset Global Investments


Mirae Asset said Global X, a US-based exchange-traded fund (ETF) affiliate the Korean manager acquired in 2018, is showing significant growth amid the globally heated ETF market. Managing 88 ETFs, the US company’s assets under management jumped from $20.9 billion at end-2020 to $41.1 billion at end-September. 

The asset manager also saw the highest-ever earnings from its local affiliates. Cumulative operating profit and net profit of the local firms rose 87.6% to 177.1 billion won and 12.1% to 243.7 billion won, respectively, during the first three quarters of the year compared to the same period in 2020. The earnings were thanks to an increase in ETF and target-date fund (TDF) trusts, a Mirae Asset official said. The Korean investment firm's ETF provider Tiger ETF's AUM surpassed 1 trillion won as of end-August.

Founded in 1998, Mirae Asset Global Investments’ AUM reached $218 billion as of September 2021. The asset manager in April announced a plan for a 1 trillion won blind pool fund to invest in US logistics centers, in which its affiliates will inject 500 billion won. In September of 2020, the Korean investment firm acquired three logistics centers leased to US retail giant Amazon for 200 billion won and a FedEx-leased facility in Indianapolis for 220 billion won. 

Write to Eun-seo Koo at koo@hankyung.com

Jihyun Kim edited this article.

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