Mirae Asset Financial Group

Financial services group

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Mirae Asset Financial Group

Company type| Private
Industry| Financial services
Founded| 1997; 28 years ago (1997)
Founder| Park Hyeon-Joo
Headquarters| Seoul, South Korea
Products|

* Asset management
* Investment management
* Wealth management
* Investment banking
* Life insurance

AUM|  US$548 billion (2023)[1]
Website| www.miraeasset.com

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, the total group’s client assets exceed US$550 billion (as of December 2020). Mirae Asset has a global presence in Australia, Brazil, Canada, Mainland China, Hong Kong, Colombia, India, Indonesia, Japan, Korea, Mongolia, Singapore, the United Kingdom, the 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

[edit]

### Foundation of Mirae Asset Financial Group

[edit]

Park Hyeon-Joo founded Mirae Asset Global Investments and Mirae Asset Capital in June 1997. 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

[edit]

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

* 2004.02 Acquired SK Investment Trust Company, an affiliate of SK Group
* 2005.06 Acquired SK Life Insurance, an affiliate of SK Group[6][7]
* 2011.11 Acquired Horizons ETFs,[8] a major ETF player in Canada
* 2011.11 Acquired Betashares, a major ETF player in Australia
* 2016.12 Merge and acquisition of Daewoo Securities and Mirae Asset Securities[9][10][11][12][13]
* 2016.12 Acquired KDB asset management company,[14] formerly owned by Korea Development Bank
* 2017.07 Invested Vietnamese life insurance company, PRÉVOIR[15]
* 2017.12 Acquired Korea-based PCA Life Insurance[16][17]
* 2018.07 Acquired Global X,[18] US ETF company
* 2024.11 Acquired Sharekhan Indian Brokerage company[19]

### Global expansion and presence of Mirae Asset Financial Group

[edit]

Founder Park always had in mind to expand the business globally since the early stage and is regarded as a global forerunner in the South Korean financial industry.[20][21]

## Key affiliates

[edit]

### Mirae Asset Global Investments

[edit]

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

Subsidiaries:

* Global X ETFs
* Global X Investments Canada

### Mirae Asset Securities

[edit]

Mirae Asset Securities offers brokerage services, wealth management, investment banking, and sales & trading services. It is listed on KOSPI.[22]

### Mirae Asset Life Insurance

[edit]

Mirae Asset Life Insurance offers life insurance, investment-linked insurance, financial consulting, and retirement planning services. It has been listed on KOSPI since July 2015.[23]

### Mirae Asset Venture Investment

[edit]

Mirae Asset Venture Investment Co., Ltd. is a venture capital and private equity company specializing in investing in venture businesses with potential growth, incubation, buyouts, and cross-border investments. It has been listed on KOSDAQ since March 2019.[24]

## See also

[edit]

* Economy of South Korea

## References

[edit]

1. ^ "Total AUM". www.am.miraeasset.com. 31 March 2023.
2. ^ Kim, Jae-won (2009-12-09). "Harvard Business School to Study Mirae Asset Group". The Korea Times. Retrieved 2019-09-30.
3. ^ 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}}`: Cite journal requires `|journal=` (help)
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. `{{cite journal}}`: Cite journal requires `|journal=` (help)
5. ^ "Mirae Asset's focus on global emerging markets - Asia Asset Management - The Journal of Investments & Pensions". www.asiaasset.com. Retrieved 2019-03-26.
6. ^ "South Korea: Mirae Asset Buys SK Life". Asia Insurance Review. Retrieved 2019-03-26.
7. ^ "Mirae eyes bid to keep SK Life in Korean hands". www.scotsman.com. Retrieved 2019-03-26.
8. ^ "Mirae Asset Completes Acquisition of 85% Stake in Horizons ETFs". www.businesswire.com. 2011-11-14. Retrieved 2019-03-26.
9. ^ NexChange. "Mirae's Park Hyeon-joo to take control of Daewoo Securities | NexChange". nexchange.com. Retrieved 2019-03-26.
10. ^ "Mirae Asset Daewoo, Mirae Asset Securities complete merger". www.spglobal.com. Retrieved 2019-03-26.
11. ^ "Archived copy". Archived from the original on 2019-03-27. Retrieved 2019-09-30.`{{cite web}}`: CS1 maint: archived copy as title (link)
12. ^ "Mirae Asset Daewoo (Korea): Merger with Mirae Asset Securities (Korea) Changes in FTSE4Good Index Series". FTSE. 12 December 2016.
13. ^ "Bloomberg - Mirae Asset Buy $2 Billion Stake in Daewoo Securities". Bloomberg.com. 25 January 2016. Retrieved 2019-09-30.
14. ^ "Stocks". www.bloomberg.com. Retrieved 2019-03-26.
15. ^ "S.Korea's Mirae invests $48.4 mln in Vietnamese insurance firm". Reuters. 2017-07-05. Retrieved 2019-03-26.
16. ^ "BRIEF-MIRAE ASSET Life Insurance to merge with PCA Life Insurance". Reuters. 2017-06-26. Retrieved 2019-03-26.
17. ^ "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.
18. ^ "Mirae Asset secures foothold in overseas ETF business". The Korea Herald. 2018-08-28. Retrieved 2019-03-26.
19. ^ https://www.sharekhan.com/financial-blog/blogs/mirae-asset-financial-group-completes-acquisition-of-sharekhan
20. ^ "Mirae Asset to expand presence in Asia: founder says in letter to employees". The Korea Herald. 2019-03-26. Retrieved 2019-03-28.
21. ^ "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.
22. ^ "Bloomberg - Stock Quotes". www.bloomberg.com. Retrieved 2019-09-30.
23. ^ "S.Korea's Mirae Asset Life Insurance to raise $307 mln in July IPO". U.S. Reuters Editorial. Retrieved 2019-09-30.
24. ^ 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.

## External links

[edit]

* Official website

* v
* t
* e

Largest conglomerates in South Korea

Business Groups with a total asset exceeding 0.5% of the nominal GDP for 2025, as designated by KFTC

1. Samsung
2. SK
3. Hyundai Motor
4. LG
5. Lotte
6. POSCO
7. Hanwha
8. HD Hyundai
9. Nonghyup
10. GS
11. Shinsegae
12. Hanjin
13. KT
14. CJ
15. LS
16. Kakao
17. HMM
18. Doosan
19. DL
20. Jungheung Construction
21. Celltrion
22. Naver
23. S-Oil
24. Mirae Asset
25. Coupang
26. Hyundai Department Store
27. Hankook
28. Booyoung
29. Young Poong
30. Harim
31. Hyosung
32. Sinokor
33. SM
34. HDC
35. Hoban Construction
36. Dunamu
37. KT&G
38. Kolon
39. KCC
40. DB
41. Nexon
42. OCI
43. LX
44. SeAh
45. Netmarble
46. E-Land

* v
* t
* e

KLIA members

* AIA
* Chubb
* Hanwha Life
* Heungkuk Life
* KB Life
* Kyobo Life
* Mirae Asset
* MetLife
* Samsung Life

* v
* t
* e

Major asset management companies

| Americas|

| Canada|

* Brookfield
* CI Financial
* CC&L
* Fiera Capital
* Guardian Capital Group
* Mackenzie Investments
* Manulife
* Mawer
* Power Financial
* Sun Life Financial

|

USA|

* Affiliated Managers Group
* AllianceBernstein
* Allspring
* Ameriprise Financial
* BlackRock
* BNY Investments
* Capital Group
* Charles Schwab
* Columbia Threadneedle
* Dimensional
* Dodge & Cox
* Edward Jones
* Federated Hermes
* Fidelity Investments
* Franklin Templeton
* Geode Capital
* Invesco
* MFS
* New York Life Investments
* Neuberger Berman
* NISA
* Northern Trust
* Nuveen
* PGIM
* Principal
* PIMCO
* SEI Investments Company
* State Street Global Advisors
* T. Rowe Price
* Vanguard Group
* Wellington Management

EMEA|

| France|

* Amundi
* AXA Investment Managers
* BNP Paribas Asset Management
* Ostrum Asset Management

|

Germany|

* Allianz Global Investors
* DWS Group
* Union Investment
* Universal Investment

Italy|

* Anima Holding
* ARCA Fondi SGR
* Assicurazioni Generali
* Azimut Holding
* Eurizon Capital

South Africa|

* Allan Gray
* Coronation Fund Managers
* Ninety One

UK|

* Aberdeen
* Aviva Investors
* Baillie Gifford
* Insight Investment
* Janus Henderson
* Legal & General
* Man Group
* Newton Investment Management
* M&G
* Royal London Asset Management
* Schroders

Others|

* Aegon
* Fidelity International
* GAM
* Robeco

Asia–Pacific|

| Australia|

* AMP Capital
* Challenger
* First Sentier Investors
* IFM Investors
* Magellan Financial Group
* Perpetual
* Pinnacle

|

China|

* Bosera Asset Management
* China Asset Management
* China Southern Asset Management
* China Universal Asset Management
* E Fund Management
* Fullgoal Fund Management
* Harvest Fund Management
* ICBC Credit Suisse Asset Management
* Penghua Fund Management
* Tianhong Asset Management
* Zhong Ou Asset Management

India|

* Axis Mutual Fund
* ICICI Prudential Mutual Fund
* Kotak Mutual Fund
* SBI Mutual Fund
* UTI Asset Management

Japan|

* Asset Management One
* Mitsubishi UFJ Trust and Banking Corporation
* Nikko Asset Management
* SPARX Group
* Sumitomo Mitsui Trust Holdings

Korea|

* Mirae Asset Financial Group
* Samsung Asset Management
* Shinhan Asset Management

Others|

* Eastspring Investments

Methodology: By AUM
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