[Sponsored Report] Mirae Asset Daewoo finds success overseas
According to an earnings report from Mirae Asset Daewoo, the combined net profit of the group’s overseas subsidiaries recorded 87.2 billion won ($72.4 million) in the first half. Due to the impressive performance of Mirae Asset’s brokerage business, the group’s overall overseas profit is expected to reach nearly 130 billion won for the first half of the year, exceeding the company’s performance for the whole of 2018.
The achievement is significant not just for Mirae Asset Daewoo but for the Korean financial investment industry as a whole. The industry has struggled in the first half of this year due to various unfavorable external factors such as Japan’s export restrictions on Korea and the U.S.-China trade war.
Mirae Asset Group has been aggressively investing overseas for years. Starting with the acquisition of Pudong in Shanghai in 2006, the firm took over the world’s No. 1 golf equipment brand Titleist in 2011 and invested in the world’s leading drone maker DJI last year.
Mirae Asset Group has laid the foundations for expanding its global business by making big deals overseas. It made investments in such diverse projects such as the Las Vegas Cosmopolitan Hotel, the Amazon Logistic Center, the Cannon Bridge House Building in Britain and the Center Building in Hong Kong. The company also invested in online marketplace company Big Basket in India and a new landmark creation project in New York’s Time Square.
Mirae Asset Daewoo has the most foreign branches of any Korean brokerages and has been successfully running a wide range of investment engines through an enhanced global network with equity capital of approximately 3.3 trillion won.
“Mirae Asset Group has been active in global investment since the launch of Mirae Asset Daewoo,” said an official from Mirae Asset Group. “Based on the operating profit of existing overseas investment assets, we will continue to make overwhelming profits in the overseas sector.”
By Shim Ji-yong [firstname.lastname@example.org]