Mirae Asset India Subsidiary 15th Anniversary... 100-Fold Growth in Assets Under Management

More Than 100-Fold Increase Compared to the Time of Custody Establishment

[Asia Economy Reporter Kwangho Lee] Mirae Asset Global Investments announced on the 18th that its India subsidiary has marked its 15th anniversary of entering the Indian market.

Mirae Asset Global Investments' India subsidiary officially entered the Indian market by launching its first fund in 2008 and is currently the only independent foreign capital asset management company in India. While most global asset management firms withdrew from the Indian market or converted to joint ventures after the financial crisis, Mirae Asset has continued active investments based on India's growth potential. Composed of local experts who know the Indian market best, the India subsidiary has implemented a thorough localization strategy and grown into the 9th largest asset manager in India.

As of the end of December last year, the India subsidiary's assets under management (AUM) reached approximately 21 trillion KRW. This is more than 100 times the AUM of 200 billion KRW at the time of its establishment. Notably, after surpassing 10 trillion KRW in AUM in 2020, it rapidly grew to 21 trillion KRW within two years. Recently, the number of retail accounts of the India subsidiary has also surged from 2.8 million in 2020 to 4.7 million in 2021, and 5.5 million by the end of 2022.

Over the past 15 years, Mirae Asset Global Investments' India subsidiary has highly valued the potential of the Indian market, a representative emerging market, and has expanded various businesses. In 2019, it received approval from Indian financial authorities to transition to a holding company structure, expanding its business scope beyond fund management to include real estate loans, venture capital, and asset management services. Currently, Mirae Asset in India has grown into a comprehensive financial company with a total of seven affiliates, including the holding company, asset management company, securities, NBFC, VC, Index, and Mirae Asset Foundation.

Recently, it has shown broad activities such as investing in logistics centers, one of the most prominent sectors in India. Mirae Asset Global Investments is the first foreign asset management company subsidiary in India to directly invest in the logistics business. The India subsidiary plans to actively invest in logistics centers, data centers, and other areas with high future growth potential, driven by India's high economic growth rate and the Indian government's active infrastructure investments.

Additionally, last year Mirae Asset Global Investments' India subsidiary established a branch in Dubai, United Arab Emirates, becoming the first domestic asset management company to enter the Middle East. Dubai is geographically close to India, and Indians account for about 35% of the total population, creating strong demand for investments in Indian local funds. The India subsidiary plans to expand its investment scope by selling India onshore and offshore funds in the Middle East market.

Mirae Asset is also leading social contribution activities in India. Established in 2019, the 'Mirae Asset Foundation (India)' conducts various social contribution activities such as university scholarship programs linked with nine Indian universities, educational support for low-income youth and children, education support for the disabled, building educational infrastructure, and operating financial professional training programs, similar to Korea's Mirae Asset Park Hyun-joo Foundation.

A representative of Mirae Asset Global Investments' India subsidiary said, “The India subsidiary, which entered the Indian market with a capital of 50 billion KRW, has endured the financial crisis that caused all foreign asset managers to withdraw, seeing the potential of the Indian market. Just as we have grown into the 9th largest asset manager in India with the perseverance maintained over 15 years looking toward the future, we will continue to strive to develop Mirae Asset’s unique business in the global market.”