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Ravi Ranjan Prasad

Seoul, June 5 Mirae Asset, the premier asset management company in Korea, is gearing up to start its securities business in India.

“We will be aggressive in expanding our business and are open to mergers and acquisitions even,” the Chairman of Mirae Asset Financial Group, Mr Hyeon Joo Park, told media persons on a Seoul visit arranged by his company.

“We would like to open our securities firm in India as soon as possible,” said Mr Park.

Mirae Asset’s proposed securities arm will be aiming to position itself in the Indian market in the investment banking, wealth management and real estate space, to begin with. Mirae Asset, which has $134 billions of asset under management globally, has already set up its asset management business in the country. It started operations in February 2008, and currently has assets under management of Rs 2,400 crore in fixed income and equity-based domestic funds in India.

Speaking about the significance of the vast Indian and Chinese markets for Mirae Group Mr Park said, “These two countries are in the process of changing the world. However, Brazil is also an important hedge perspective between Asia and the West.”

Mirae was looking keenly at changes in the Indian financial market regulations and would like to see more deregulation in the Indian market.

Besides expansion in India and China, the company is planning to enter other markets such as Brazil and Dubai where Mirae is in the process of setting up its office.

With its global expansion plans in place, the company is aiming to achieve assets under management of $200 billion in the next five years, said Mr Park.

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