Mirae Asset Global Investments India's assets under its management have surpassed 4 trillion won in value as of the end of November 2018, according to Mirae Asset in Seoul, Wednesday.
Thanks to its two flagship funds investing in stocks and bonds in India's capital market, the total value of its assets managed on behalf of its regional investors stood at 4.4 trillion won, or 275 billion rupees ($3.8 billion).
It increased nearly 2 trillion won from 2017, so far the fastest growth among 40 registered asset management companies in India, the Seoul-based company said.
Currently, Mirae Asset Global Investments India ranks 16th by assets under management, it added, noting it is the only wholly-owned foreign asset management company there. It set up its base in Mumbai, India in November 2006.
The company said its next step for further growth would include launching funds to invest in alternative assets such as real estate, or commercial buildings.
Also, it is looking to set up an 80 billion won fund to invest in tech startups in India, such as the one Mirae Asset Daewoo formed with Naver, a local search giant, in 2017.
Mirae Asset Daewoo and Naver forged ties through an equity swap and launched a fund to invest in tech startups overseas. The fund invested in Grab, Asia's biggest ride-hailing tech company, in August.
Mirae Asset Global Investments manages the fund.
"The plan is currently being developed at the moment. A fund following the one by Mirae Asset and Naver could be possible," said a Mirae Asset spokesman.
"The tech sector there has been well known globally."
Bangalore is often called the Silicon Valley of India where a high number of engineers get recruited by U.S. tech giants such as Microsoft and Google. And the Indian Institutes of Technology is referred to as the Massachusetts Institute of Technology of India.
Microsoft CEO Satya Nadella and Google CEO Sundar Pichai are from India.
Mirae Asset Global Investments has 12 overseas subsidiaries including in the U.S., Canada and Brazil.
Its total overseas value of assets managed for its investors is expected to reach 32 trillion won in 2018, up 11 trillion won from 2017, according to the company.
In November, Mirae Asset Investment Management in Shanghai 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.
http://www.koreatimes.co.kr/www/biz/2018/12/488_260285.html |
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