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Nilanjan Dey

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Kolkata Feb. 12 Mr Arindam Ghosh is tipped to take over as Head of Regional Business Development for Asia Pacific at Mirae Asset, the South Korean asset management group that intends to set up operations in India, it is learnt.

Mirae, which when permitted will be the first fund management outfit from South Korea to do business here, is now firming up plans for its India foray, sources close to the development said.

When contacted, Mr Ghosh, who was earlier with Fidelity's Asia Pacific Business team, confirmed the development. While he did not wish to divulge further details, he added that he will be closely involved with the Indian operations.

Prior to Fidelity, he had been with a couple of domestic fund houses and has about 20 years' experience.

The Mirae Asset group, set up in the late 1990s, has a number of businesses in its fold. These include life insurance, investment management, securities broking and venture capital.

The likely entry of the group - its combined assets stood at about $50 billion, according to the last estimate - into the Indian market comes at a time when a number of overseas players are planning their own forays.

The possible entrants include AIG and JP Morgan, which are expected to get off the block sooner than a few others. A few days ago, global player UBS announced its decision to purchase Standard Chartered MF.

The Indian asset management industry currently has about 30 companies, managing well over Rs 3 lakh crore.

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