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Nilanjan Dey

There is no asset management company of Korean origin operating in India at the moment, sources point out

Kolkata , Oct. 3

A Korean asset management group, Mirae, has embarked on a fact-finding mission in India, apparently with a view to explore opportunities in a market that is expanding rapidly.

Mirae, part of a conglomerate that is associated with a range of financial services businesses, including life insurance, is willing to consider its prospects in the country, said sources aware of its recent interest in the local market.

Mirae Asset Investment Management, which is known to have sent representatives of its international business team, currently is linked to an India fund called Miraeasset India Discovery Equity, which has given about 21 per cent since inception in September last year.

The top five stocks in the fund's portfolio, according to the Miraeasset Web site, are Infosys, Reliance Industries, ICICI Bank, Grasim and TCS. A similar fund has been set up for China as well.

There is no asset management company of Korean origin operating in India at the moment, sources point out, while referring to the handful of overseas fund houses that have set up shop in the local market. Almost all the foreign players trace their roots to North America and Europe. In fact, there are no `oriental' AMCs to speak of either, although lately financial services outfits such as Shinsei (of Japan) have made headlines in India, thanks to their association with the likes of UTI Mutual Fund. For foreign fund houses, the Indian market is said to be attractive because of a number of reasons.

These include the economy's emerging status and its rapidly-developing capital market.

The domestic mutual funds industry has been growing quickly, leading to a marked increase in the total assets under management.

About 30 AMCs operate in India at the moment and a few others are expected to join their ranks in future.

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