Mirae Asset’s global ETFs exceed $100 bn in net asset value

Mirae Asset Global Investments Co., South Korea’s leading asset manager, said on Tuesday its exchange-traded funds (ETFs) worldwide have surpassed $100 billion in net asset value (NAV).

The investment firm ranks as the world’s 13th-largest ETF manager by NAV as of July 18, managing 538 ETFs in 14 regions including the US, Canada, Australia, Japan and Korea.

By region, its US affiliate tops assets under management (AUM) with $42.7 billion, followed by the Korean unit with $29.1 billion. The Canada unit ranks third with $20.2 billion, followed by Hong Kong's $1.4 billion and Japan's $1.1 billion.

The company unveiled its first ETF dubbed “TIGER ETF” in Korea in 2006. In 2011, it listed its ETF on the Hong Kong Stock Exchange, becoming the first Korean asset manager to debut on a global ETF market.

GLOBAL BUSINESS ACHIEVEMENTS

Mirae Asset Financial Group founder and Global Strategy Officer Park Hyeon Joo has pushed the investment firm’s global expansion through M&A's. 

Under his leadership, Mirae Asset Global Investments acquired the US-based Global X ETF for $488 million in 2018, whose AUM has more than tripled since then. The firm also bought Sydney-based ETF Securities, which accounts for 4% of Australia’s ETF market, for 120 billion won ($95.2 million) and rebranded it as Global X ETFs last year. 

The investment manager also completed the acquisition of UK-based ETF specialist GHCO this past May, as it plans to enter the European ETF market, the world’s second-largest after the US.

In 1997, Park established venture capital and financial advisory arms under the Mirae Asset brand, which later became the basis for the group. In 2001, he began studying at Harvard Business School as he sought different paths for the group over the long term.

After finishing his studies, Park established Mirae Asset Global Investments’ first global affiliate in Hong Kong in December 2003, with the aim to generate half of the group’s income from overseas. At the time, he faced skepticism from the industry as most Korean financial services firms' earnings came from the domestic market.

Over the past two decades, the group has pioneered the global financial market and achieved considerable growth in overseas business.

The group posted $1.56 billion in pre-tax income as of the end of 2022, of which 23% came from outside of Korea. Of its 277 trillion won AUM last year, 40.4% comes from overseas. The group manages 3,291 employees across its global affiliates as of May 31 this year.

Write to Man-Su Choe at bebop@hankyung.com
Jihyun Kim edited this article.