In India, where global corporations and investors are focusing their attention as the “next China,” Mirae Asset Global Investments is gaining influence in the local market by surpassing 1 trillion won in assets under management (AUM) with its exchange-traded funds (ETFs).
According to the asset management industry on Jan. 4, Mirae Asset Global Investments’ Indian subsidiary currently manages 18 ETFs locally, with a total AUM recorded at 64.3 billion rupees (US$772 million) as of that day.
Mirae Asset Global Investments established its subsidiary in Mumbai in 2006 and achieved the milestone just six years after introducing its first ETF in the local market in 2018. In terms of AUM size, it ranks as the eighth-largest among local asset management firms, excluding government funds such as pension funds.
Mirae Asset Global Investments’ inaugural ETF, the “NIFTY 50,” which was launched in 2018, has established itself as the representative ETF of the Indian subsidiary with a net asset value of 313.7 billion won (US$239.2 million). Notably, this ETF focuses on investing in large-cap stocks, specifically those ranked among the top 50 by market capitalization among listed securities on the Indian stock market.
Over the past 18 years, Mirae Asset Group has dedicated efforts to expanding its presence in India. Established in 2006, Mirae Asset Global Investments’ Indian subsidiary, as the sole independent foreign capital management company, has grown to become the 9th largest asset management firm in India, managing a total AUM of 24.5 trillion won across 56 funds, including ETFs. Last month, the company further expanded its presence by acquiring Sharekhan, a securities firm ranked 10th in terms of size in the Indian market, investing approximately 470 billion won for the acquisition.
The Indian subsidiary is set to enter the Gujarat International Finance Tec-City (GIFT City), an economic zone currently under development with an investment of approximately 380 billion won by the Indian government. This strategic move is part of Mirae Asset’s initiative to venture into the global market.
Mirae Asset has also introduced investment products in the domestic market that allow investors to participate in the Indian market through the Korean stock exchange. One prominent example is the “TIGER India NIFTY 50,” listed on the KOSPI by Mirae Asset Global Investments. This ETF tracks the NIFTY 50, the representative index of India, and invests in the top 50 companies based on market capitalization in the Indian stock market. Over the past year, it has gathered a substantial net inflow of 129.7 billion won, solidifying its position as a leading investment product in the domestic market.