Mirae Asset Financial Group

Mirae Asset Financial Group (Korean: 미래에셋금융그룹) is a financial services group headquartered in Seoul, South Korea. Mirae Asset provides comprehensive financial services including asset management, wealth management, investment banking, and life insurance. Mirae Asset was founded by Hyeon Joo Park in 1997 and introduced the very first mutual funds to Korean retail investors in 1998. On a global consolidated basis, total group’s client assets exceed US$400 billion (as of June 1, 2019). Mirae Asset has global presence in Australia, Brazil, Canada, China, Colombia, Hong Kong, India, Indonesia, Korea, Mongolia, Singapore, the United Kingdom, United States and Vietnam.

Mirae Asset Financial Group
Private company
IndustryFinancial services company
Founded1997 (1997)
FounderPark Hyeon-Joo
HeadquartersSeoul, South Korea
Websitewww.miraeasset.com

Harvard Business School selected Mirae Asset Financial Group as its first Asian financial company case study in 2010, under the title “Mirae Asset: Korea’s Mutual Fund Pioneer".[1][2] Seoul National University also selected Mirae Asset Financial Group as one of their case studies, "Mirae Asset: A Disruptive Innovator in the Korean Financial Industry", which is listed by The Case Centre case method clearinghouse.[3]

History

Foundation of Mirae Asset Financial Group

Park Hyeon-Joo founded Mirae Asset Global Investments and Mirae Asset Capital in June 1997. Within 6 months after the foundation, Mirae Asset suffered from 1997 financial crisis of South Korea, however, showed a tremendous investment performance by believing in South Korea's economy to rebound with contrary investment insights where Park is notable for his adherence to long-term and value investing.

In December 1998, Park launched the first retail mutual fund, “Park Hyeon Joo No.1” in South Korea and The Journal of Investment & Pension described that this fund was a great success.[4]

Mergers and acquisitions of Mirae Asset Financial Group

Park has grown Mirae Asset Financial Group into an independent financial conglomerate in South Korea by successfully acquiring a number of financial companies with his contrary investment philosophy and insights.

Global expansion and presence of Mirae Asset Financial Group

Founder Park always has in mind to expand the business globally since the early stage, and is regarded as a global forerunner in South Korean financial industry.[18][19]

  • 2003.12 Established Mirae Asset Global Investment HK
  • 2006.09 Established Mirae Asset Global Investment Vietnam (Hanoi)
  • 2006.11 Established Mirae Asset Global Investment India
  • 2007.01 Established Mirae Asset Securities HK
  • 2007.03 Established Mirae Asset Global Investment UK
  • 2007.07 Established Mirae Asset Global Investment Beijing
  • 2007.12 Established Mirae Asset Securities Vietnam
  • 2008.02 Established Mirae Asset Investment Advisory Beijing
  • 2008.04 Established Mirae Asset Global Investment US
  • 2008.04 Established Mirae Asset Global Investment Brazil
  • 2008.07 Granted Qualified Foreign Institutional Investor license first in Korea by China Securities Regulatory Commission[20][21]
  • 2008.08 Established Mirae Asset Securities US
  • 2008.08 Established Mirae Asset Investment Advisory Shanghai[22][23]
  • 2010.08 Established Mirae Asset Securities Brazil
  • 2012.07 Established Mirae Asset Huachen Fund Management[24][25]
  • 2012.10 Established Horizons ETFs LatAM[26][27]
  • 2016.01 Established Mirae Asset Global Investment Australia
  • 2017.10 Established Mirae Asset Daewoo India

Notable global investments

Park led to achieving notable global investment activities of noteworthy landmarks in primary cities.

Key Affiliates

Mirae Asset Global Investments

Mirae Asset Global Investments is the leading asset management company in South Korea.

Subsidiaries:

Mirae Asset Daewoo

Mirae Asset Daewoo offers services including brokerage service, wealth management, investment banking, and sales & trading. It is listed on KOSPI[42].

Mirae Asset Life Insurance

Mirae Asset Life Insurance offers life insurance, investment-linked insurance, financial consulting and retirement planning services. It is listed on KOSPI since July 2015[43].

Mirae Asset Venture Investment

Mirae Asset Venture Investment Co., Ltd. is a venture capital and private equity company specializing in investment of venture businesses with potential for growth, incubation, buyouts, and cross-border investments. It has been listed on KOSDAQ since March 2019[44].

Milestones

2004

  • Mirae Asset Investment Education & Research Center was established
  • Mirae Asset MAPS Global Investments was established through the acquisition of a local asset management company

2005

  • Mirae Asset launches South Korea’s first overseas investment (ex-Korea) fund Mirae Asset Retirement Pension Institute established

2008

  • Mirae Asset’s SICAV Luxembourg-domiciled funds were launched

2009

  • Mirae Asset Global Investments signs an agreement to form an asset management joint venture in China

2010

  • Mirae Asset launches US-domiciled funds

2012

  • Mirae Asset Global Investments becomes the largest fixed-income fund manager in South Korea[45]
  • Mirae Asset Global Investments merges with Mirae Asset MAPS Global Investments, its sister company specializing in alternative investments

2013

  • Mirae Asset launches CSI300 Enhanced Index Fund, its China JV’s first mutual fund

2015

  • Mirae Asset completes development of South Korea's first Four Seasons Hotel in downtown Seoul, South Korea

2016

  • Mirae Asset Securities acquires a leading securities firm, KDB Daewoo Securities, and renamed as Mirae Asset Daewoo[46], becoming the largest securities firm in South Korea

2017

  • Mirae Asset launches global and regional artificial intelligence (AI) products

Notes and references

  1. Kim, Jae-won (2009-12-09). "Harvard Business School to Study Mirae Asset Group". The Korea Times. Retrieved 2019-09-30.
  2. Khaire, Mukti; Chen, Michael Shih-ta; Donovan, G. A. (June 2011). "Mirae Asset: Korea's Mutual Fund Pioneer" (Revised ed.). Harvard Business School. Case No. 810-123. Cite journal requires |journal= (help)
  3. Kim, Youngjin; Kim, Soo-Wook (2017-07-24). "Mirae Asset: A Disruptive Innovator in the Korean Financial Industry". Graduate School of Business, Seoul National University. Reference no. SNU-17-02. Cite journal requires |journal= (help)
  4. "Mirae Asset's focus on global emerging markets - Asia Asset Management - The Journal of Investments & Pensions". www.asiaasset.com. Retrieved 2019-03-26.
  5. Review, Asia Insurance. "South Korea: Mirae Asset Buys SK Life". Asia Insurance Review. Retrieved 2019-03-26.
  6. "Mirae eyes bid to keep SK Life in Korean hands". www.scotsman.com. Retrieved 2019-03-26.
  7. "Mirae Asset Completes Acquisition of 85% Stake in Horizons ETFs". www.businesswire.com. 2011-11-14. Retrieved 2019-03-26.
  8. NexChange. "Mirae's Park Hyeon-joo to take control of Daewoo Securities | NexChange". nexchange.com. Retrieved 2019-03-26.
  9. "Mirae Asset Daewoo, Mirae Asset Securities complete merger". www.spglobal.com. Retrieved 2019-03-26.
  10. https://www.ftse.com/products/index-notices/home/getnotice/?id=1904884
  11. "Mirae Asset Daewoo (Korea): Merger with Mirae Asset Securities (Korea) Changes in FTSE4Good Index Series". FTSE. 12 December 2016.
  12. "Bloomberg - Mirae Asset Buy $2 Billion Stake in Daewoo Securities". www.bloomberg.com. Retrieved 2019-09-30.
  13. "Bloomberg - Are you a robot?". www.bloomberg.com. Retrieved 2019-03-26.
  14. "S.Korea's Mirae invests $48.4 mln in Vietnamese insurance firm". Reuters. 2017-07-05. Retrieved 2019-03-26.
  15. "BRIEF-MIRAE ASSET Life Insurance to merge with PCA Life Insurance". Reuters. 2017-06-26. Retrieved 2019-03-26.
  16. "Mirae Asset Life's acquisition of PCA Life clears regulatory hurdle - Pulse by Maeil Business News Korea". pulsenews.co.kr (in Korean). Retrieved 2019-03-26.
  17. Herald, The Korea (2018-08-28). "Mirae Asset secures foothold in overseas ETF business". www.koreaherald.com. Retrieved 2019-03-26.
  18. Herald, The Korea (2019-03-26). "Mirae Asset to expand presence in Asia: founder says in letter to employees". www.koreaherald.com. Retrieved 2019-03-28.
  19. "Korea's Mirae Asset Group to enter Japan for bigger global outreach - Pulse by Maeil Business News Korea". pulsenews.co.kr (in Korean). Retrieved 2019-03-28.
  20. "CHINA SECURITIES REGULATORY COMMISSION - List of QFIIs(with approval date)". www.csrc.gov.cn. Retrieved 2019-09-30.
  21. "China grants $900 mln quotas to overseas investors in June". Reuters. 2013-06-26. Retrieved 2019-09-30.
  22. "미래에셋증권, 상해에 투자자문업체 설립". 아시아경제 (in Korean). 2008-09-01. Retrieved 2019-03-26.
  23. "미래에셋증권, 상해 법인 설립". 이투데이 (in Korean). 2008-09-01. Retrieved 2019-03-26.
  24. "Mirae Asset Registers Unit as Private Equity Manager in China". Yicai Global. Retrieved 2019-09-30.
  25. "Mirae Group registers private equity unit in China". China Knowledge. 2018-11-23.
  26. Inc, Horizons Exchange Traded Funds (2012-10-25). "Horizons ETFs Enters Latin American Market in Joint Venture With Grupo InterBolsa". GlobeNewswire News Room. Retrieved 2019-04-29.
  27. CNBC (2012-10-25). "Horizons ETFs Enters Latin American Market in Joint Venture With Grupo InterBolsa". www.cnbc.com. Retrieved 2019-04-29.
  28. "Fila Korea buys Titleist golf company for $1.2 billion". Reuters. 2011-05-20. Retrieved 2019-03-26.
  29. "Fila Korea and Mirae Asset buy Titleist and Footjoy brands". FinanceAsia. Retrieved 2019-03-26.
  30. "Fila Korea and Mirae Asset buy Titleist and Footjoy brands". Leisure Link Golf's Blog. 2011-05-24. Retrieved 2019-03-26.
  31. "Titleist and FootJoy parent Acushnet sold to Korean investors for $1.2 billion". www.pga.com. Retrieved 2019-09-30.
  32. Cummins, Carolyn (2013-08-21). "Four Seasons sold for $340 million". The Sydney Morning Herald. Retrieved 2019-03-26.
  33. Object, object (2013-08-28). "Sydney's Four Seasons Hotel sold in record-breaking deal". The Urban Developer. Retrieved 2019-03-26.
  34. "Value of Four Seasons Hotel in Sydney owned by Mirae Asset jumps 56% - Pulse by Maeil Business News Korea". pulsenews.co.kr (in Korean). Retrieved 2019-03-26.
  35. "Somerset Partners parts with 1801 K St. NW in first downtown investment sale of 2015". www.bizjournals.com. Retrieved 2019-03-26.
  36. "Korean firm buys Hawaii's Fairmont Orchid hotel for $200.3M". www.bizjournals.com. Retrieved 2019-03-26.
  37. "Korean Company, Mirae Asset Global Investments, Buys Fairmont Orchid Hawaii for $220 Million". Hotel Online. Retrieved 2019-03-26.
  38. "Fairmont San Francisco Hotel Interests Sold To Mirae Asset Global Investments For $450 Million". www.businesswire.com. 2015-11-24. Retrieved 2019-03-26.
  39. "Amazon building sells for nearly $250 million to Asian firm". The Seattle Times. 2016-07-11. Retrieved 2019-03-26.
  40. Cannon, Christina. "Mirae Asset Global Investments Acquires Amazon Headquarters Building in Seattle for $246.8M – REBusinessOnline". Retrieved 2019-03-26.
  41. "Blackstone Said to Have $200 Million Profit in Hawaii Deal". www.bloomberg.com. Retrieved 2019-03-26.
  42. "Bloomberg - Stock Quotes". www.bloomberg.com. Retrieved 2019-09-30.
  43. Reuters Editorial. "S.Korea's Mirae Asset Life Insurance to raise $307 mln in July IPO". U.S. Retrieved 2019-09-30.
  44. www.etnews.com (2019-02-28). "Many Major South Korean Companies Expected to Go Public in March". 대한민국 IT포털의 중심! 이티뉴스. Retrieved 2019-09-30.
  45. "금융투자협회". www.kofia.or.kr.
  46. "Terms of Service Violation". www.bloomberg.com.

See also

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