Mirae Asset eyes securities firm

Mirae Asset Mutual Fund, which launched its first product this year, is looking to set up a securities business, which would include wealth management, private equity and investment banking for initial public offerings (IPOs).

"We are preparing to offer Indian investors services such as wealth management and investment banking for IPOs through the securities firm as soon as possible. We are open to inorganic growth," said Hyeon-Joo Park, chairman of the Mirae Asset Financial Group. However, he clarified that broking would not be the focus area of the company's securities business in India.

Park said the fund house was very keen on investing in Indian commercial real estate, provided the government changed the policy regulating the sector. "We are very interested in infrastructure, in commercial real estate, special economic zones (SEZs)," said Park.

Currently, Mirae Asset Securities is present in Hong Kong, Vietnam and China and has plans to set up operations in Britain, India, USA and Brazil this year. Further, the fund house is also planning to set up an office in Dubai to cater to the non-resident Indians (NRIs).

Mutual fund business
Mirae Asset MF is planning to introduce a slew of new products including nine equity products by March 2009, said Arindam Ghosh, chief executive officer, Mirae Asset MF India. This would include four local products, four international products and one hybrid product.

The fund house is looking to increase its assets under management (AUM) of Rs 2160.37 crore at the end of the May 2008 to $200 billion in five years.

Mirae Asset MF is also seeking to get 10 of its funds registered in Luxembourg, including several China and India-dedicated funds. In all, Mirae Asset has a total of 10 India dedicated funds with AUMs of $3.5 billion.

(This correspondent is in Seoul on Mirae Asset's invitation.)