Mirae to launch securities biz in India

"We'll soon set up our securities business in India," Park told visiting Indian journalists here. The securities business of the group includes wealth management, stock broking, investment banking, venture capital and private equity.     

"Our focus in India will be on wealth management and investment banking, including venture capital and private equity," he said. "However, stock broking will not be a focused business".     

Mirae Asset Financial Group has recently started its mutual fund business and the Indian asset management company manages assets worth Rs 2,400 crore ($600 million).     

In Korea, Mirae Asset Management Company has 10 India- dedicated funds with $350 million asset under management.     

"We are also eager to enter into real estate development business, particularly in commercial and social infrastructure space. But the current regulations don't allow us to do so," he said. Mirae Asset is open to the idea of mergers and acquisitions but is not interested in brokerage business.     

Likely M&A would be in investment banking and wealth management space, Park said, adding the Indian securities business would be started before the end of this year.     

On the global economic situation, he said markets will get stable if global inflation and commodities prices cool down, adding he was bullish on emerging markets like India, China and Brazil.