Comments
After making its mark as a credible mutual fund player in India for 10 years, Mirae Asset Global Investments plans to venture into other financial services by setting up an alternative investment fund (AIF) and institutional broking business.
Swarup Mohanty, CEO, Mirae Asset Global Investments said in the first phase the Alternative Investment Fund would raise $100 million from the South Korea-based parent Mirae Asset for investment in real estate and construction finance.
“We are in the process of forming the Trust and should be ready to start financing through the AIF by April,” he said.
Similarly, he said, Mirae Capital Market has received SEBI approval to launch stock broking services and the focus would be on institutional investors. In the next two years, the fund house plans to have presence in all the financial services businesses, he added.
On the mutual fund business, Mohanty said it will launch a short-term bond fund in February followed by one each in hybrid, equity and debt fund categories.
Mirae has an AUM of ₹13,467 crore as of December quarter with limited schemes focussed largely on the equity segment.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.