Mirae Asset Financial Group Explained

Mirae Asset Financial Group
Type:Private
Industry:Financial services
Founder:Park Hyeon-Joo
Location:Seoul, South Korea
Aum: US$548 billion (2023)[1]

Mirae Asset Financial Group (Korean: 미래에셋금융그룹) is a South Korean multinational financial services company 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 first mutual funds to Korean retail investors in 1998. On a global consolidated basis, total group’s client assets exceed US$550 billion (as of December, 2020). Mirae Asset has global presence in Australia, Brazil, Canada, Mainland China, Hong Kong, Colombia, India, Indonesia, Japan, Korea, Mongolia, Singapore, the United Kingdom, United States and Vietnam.

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".[2] [3] 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.[4]

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.[5]

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.[19] [20]

Key affiliates

Mirae Asset Global Investments

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

Subsidiaries:

Mirae Asset Securities

Mirae Asset Securities offers services including brokerage service, wealth management, investment banking, and sales & trading. It is listed on KOSPI.[21]

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.[22]

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.[23]

See also

Notes and References

  1. Web site: Total AUM. www.am.miraeasset.com. 31 March 2023.
  2. Web site: Kim . Jae-won . Harvard Business School to Study Mirae Asset Group . 2009-12-09 . The Korea Times . 2019-09-30.
  3. Khaire . Mukti . Chen . Michael Shih-ta . Donovan . G. A. . June 2011 . Revised . Mirae Asset: Korea's Mutual Fund Pioneer . Harvard Business School . Case No. 810-123 .
  4. 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.
  5. Web site: Mirae Asset's focus on global emerging markets - Asia Asset Management - The Journal of Investments & Pensions. www.asiaasset.com. 2019-03-26.
  6. Web site: South Korea: Mirae Asset Buys SK Life. Asia Insurance Review. en-US. 2019-03-26.
  7. Web site: Mirae eyes bid to keep SK Life in Korean hands. www.scotsman.com. en. 2019-03-26.
  8. Web site: Mirae Asset Completes Acquisition of 85% Stake in Horizons ETFs. 2011-11-14. www.businesswire.com. en. 2019-03-26.
  9. Web site: Mirae's Park Hyeon-joo to take control of Daewoo Securities NexChange. NexChange. nexchange.com. 2019-03-26.
  10. Web site: Mirae Asset Daewoo, Mirae Asset Securities complete merger. www.spglobal.com. en-us. 2019-03-26.
  11. Web site: Archived copy . 2019-09-30 . 2019-03-27 . https://web.archive.org/web/20190327092137/https://www.ftse.com/products/index-notices/home/getnotice/?id=1904884 . dead .
  12. Web site: Mirae Asset Daewoo (Korea): Merger with Mirae Asset Securities (Korea) Changes in FTSE4Good Index Series. 12 December 2016. FTSE.
  13. News: Bloomberg - Mirae Asset Buy $2 Billion Stake in Daewoo Securities. 25 January 2016. Bloomberg.com. 2019-09-30.
  14. Web site: Stocks . www.bloomberg.com. 2019-03-26.
  15. News: S.Korea's Mirae invests $48.4 mln in Vietnamese insurance firm. 2017-07-05. Reuters. 2019-03-26. en.
  16. News: BRIEF-MIRAE ASSET Life Insurance to merge with PCA Life Insurance. 2017-06-26. Reuters. 2019-03-26. en.
  17. Web site: Mirae Asset Life's acquisition of PCA Life clears regulatory hurdle - Pulse by Maeil Business News Korea. pulsenews.co.kr. ko. 2019-03-26.
  18. Web site: Mirae Asset secures foothold in overseas ETF business. Herald. The Korea. 2018-08-28. www.koreaherald.com. en. 2019-03-26.
  19. Web site: Mirae Asset to expand presence in Asia: founder says in letter to employees. Herald. The Korea. 2019-03-26. www.koreaherald.com. en. 2019-03-28.
  20. Web site: Korea's Mirae Asset Group to enter Japan for bigger global outreach - Pulse by Maeil Business News Korea. pulsenews.co.kr. ko. 2019-03-28.
  21. Web site: Bloomberg - Stock Quotes. www.bloomberg.com. 2019-09-30.
  22. News: S.Korea's Mirae Asset Life Insurance to raise $307 mln in July IPO. Reuters Editorial. U.S.. 2019-09-30. en-US.
  23. Web site: Many Major South Korean Companies Expected to Go Public in March. www.etnews.com. 2019-02-28. 대한민국 IT포털의 중심! 이티뉴스. 2019-09-30.

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