Mirae becomes 9th largest asset management operator in India

Finance

Published: 21 Nov. 2023, 17:46 Updated: 21 Nov. 2023, 17:46

Mirae becomes 9th largest asset management operator in India

Mirae Asset Financial Group Chairman Park Hyeon-joo attends a meeting held at a hotel in Mumbai in January to celebrate the 15th anniversary of the launch of Mirae Asset Investment Managers in India. [MIRAE ASSET GLOBAL INVESTMENTS]

Mirae Asset Global Investments' Indian corporation became the ninth largest asset management operator in India this year, 15 years after establishing a corporation in the world’s most populous nation, said Mirae on Tuesday.

“Marking the 15th anniversary of its launch in India, Mirae Asset Global Investments became the 9th largest asset operator in the country" with $18.13 million in assets under management, up 26 percent from last year, the firm said in a statement.

It established Mirae Asset Investment Managers India in Mumbai in 2006, but its first fund was launched in 2008.

“Despite the fact that India is an attractive emerging market on par with China, foreign companies have difficulty settling in the country due to complex tax systems and regulations,” Mirae said. “All foreign asset management operators pulled out following the global financial crisis, but we focused on localizing the business and made active investments.”

Promoting Swarup Mohanty, CEO at Mirae Asset Investment Managers India, to Vice Chairman of the corporation was a part of such efforts, it said.

Mirae said India has high growth potential, highlighting its 1.4 billion population and the country’s strengths in the IT sector.

“India is a country with an infinite amount of potential,” said Mirae Asset Financial Group Chairman Park Hyeon-joo, at a press event held in Mumbai in January. Citing India's high educational fervor and its use of English as the common language, he promised to make continued investments in the country.

Mirae Asset Global Investments raised 35 billion won ($27 million) in net profit through the third quarter this year, up 21 percent from the same period last year.

It is expanding business in India, having acquired a logistics firm, and has plans to invest in the country's data centers.

BY JIN MIN-JI [jin.minji@joongang.co.kr]