Mirae Asset Financial Group to Establish Foreign Corporations in Australia, America

The Mirae Asset Financial Group will establish a foreign subsidiary in Australia and the United States, setting to expand the global market. The group will also reorganize other foreign subsidiaries in Hong Kong, Vietnam, and Brazil, seeking to become the leading global financial group.

Mirae Asset Global Investments announced on Oct. 20 that it will establish a new subsidiary in Australia within this year and start its asset management business, including fund sales, for local institutional investors next year. Mirae Asset launched a subsidiary in Australia after taking over a local asset management company in 2011. However, it has been selling only exchange traded funds (ETFs).

The new subsidiary in Australia will sell and manage various products at home and abroad, including its main products like the “Mirae Asset Global Great Consumer Fund.” Korea Investment & Securities Co. and Mirae Asset Securities are the only domestic securities and asset management companies that directly sell some fund products in Europe. In the global markets, Mirae Asset is the only company that directly sells fund products at home and abroad on a large scale.

Mirae Asset Securities will also relocate its U.S. office from New York to Los Angeles next month, reorganizing its foreign subsidiaries. This is largely due to its Chairman Park Hyeon-Joo’s belief, saying, “It is hard to survive with brokerage alone.”

The new office will be located in City National Plaza, a twin tower skyscraper complex in downtown L.A. The company is planning to sell funds and securities to Koreans living in L.A. and to provide total asset management services, including investment consulting.

An official from the U.S. office said, “Mirae Asset Securities has started a brokerage service for institutional investors and the investment consulting service for individual investors before launching the office in L.A. early next month. The company has recruited competent individuals in the asset management industry and is planning to hire 4 or 5 more people.”

Mirae Asset Securities will open an investment banking division, such as real estate investment and mergers and acquisitions, in its U.S. office in the future, and foster it as the hub of its global business.