Fastest Growth among Asset Managers in India
Mirae Asset Global Investments Co. announced on Dec. 12 that its business in India has recorded 4.43 trillion won (US$3.94 billion) in assets under management (AUM). This makes Mirae Asset Investment (India) the 16th largest out of 40 asset management companies in the country and 13th largest in equity fund.
Mirae Asset Global Investments has recorded the fastest AUM growth among local asset managers since 2016. The company also saw its AUM increase by nearly 2 trillion won (US$1.78 billion) this year.
An official from Mirae Asset Global Investments said, “We have continued to invest in the India market for years based on a growth potentiality analysis. We are different from most global asset managers which withdrew from the market or converted into a joint venture after the financial crisis. We have secured a position as a differentiated asset manager through a thorough localization strategy. Among the 139 employees at Mirae Asset Investment (India), 138 are locals.”
Mirae Asset Global Investments has also put up a good show in funds management. Out of the 4.43 trillion won (US$3.94 billion) AUM, the company’s signature 10-year-old Mirae Asset India Equity Fund bagged the best large-cap fund award of Morningstar India earlier this year, with 1.5 trillion won (US$1.33 billion) and accumulated returns of 700 percent. The company recorded the returns of three-year and five-year funds at 50 percent and 145 percent, respectively, as of the end of November, making the top 25 percent list with excellent performance in both short-term and long-term bonds. The company’s another signature Mirae Asset Emerging Bluechip Fund also saw its returns come to 58 percent and 294 percent, respectively, over the same period. The two funds have all received the highest Morningstar rating which is only given to top 10 percent of blue-chip bonds among ones under management for at least three years.
Mirae Asset Global Investments sold equity funds to local investors in the initial market launch, attracting attention from the market.
The company is recently expanding its investment assets from traditional ones, such as stock and bond, to real estate and venture investment.
This year, Mirae Asset Global Investments acquired Global X, a US-based exchange traded fund (ETF) manager, and set up a joint venture with Vietnam’s State Capital Investment and secured a license from the China Securities Regulatory Commission (CSRC) that will enable it to launch a private equity fund in China's capital market, in its latest efforts to expand its overseas presence.After being founded in 1997, Mirae Asset Global Investments established its first overseas unit in Hong Kong in 2003. It currently operates offshore units in 12 countries including United States, Canada, China and Brazil. Its total AUM overseas reached 32 trillion won (US$28.44 billion) as of end-October, increasing by 11 trillion won (US$9.78 billion) this year.