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Banking & Finance

Mirae Asset to form JV with SCIC

Released at: 09:55, 27/02/2018

Mirae Asset to form JV with SCIC

Photo from thoibaotaichinhvietnam.vn

South Korean asset manager to partner with subsidiary of State Capital Investment Corporation.

by Quang Huy

The Mirae Asset Global Investments Co. will launch an asset management firm in Vietnam in partnership with Vietnam’s State Capital Investment Corporation (SCIC), becoming South Korea’s first asset manager to set up a legal entity in the country. 

It will acquire a full stake in the Tin Phat Management Fund JSC and issue shares representing about 30 per cent of its holding to SCIC’s subsidiary, SIC, to form the joint venture. 

This is the first time a South Korean asset manager has formed a legal entity in Vietnam instead of opening a branch. 

“The move will enable us to gain a foothold in not only China and Hong Kong but Southeast Asia at large,” an official from Mirae Asset said. “We plan to bolster our leadership in both traditional assets such as stocks and bonds and alternative investment assets in the region.” 

Since launching a representative office in Vietnam in 2006, Mirae Asset has been offering fund management and advisory services in the country with South Korean and Vietnamese researchers investing in a wide portfolio of securities. 

The new Vietnamese operation plans to release more funds and work closely with SCIC to launch alternative investment offerings in real estate and infrastructure, the company said. 

Last year, its venture capital arm, Mirae Asset Venture Investment, participated in an undisclosed Series C fundraising round for Appota, a Vietnamese games startup, along with Korea Investment Partners.

Mirae Asset has been aggressive in going global since 2003 when it first set up a foreign entity in Hong Kong. Its global network now covers India, the UK, the US, and Brazil. 

Last week it announced it had agreed to acquire Global X Management Co., a US exchange traded fund (ETF) issuer, in a bid to expand its presence in the global ETF market. The move is expected to boost its ETF assets to $30 billion, bumping up its world ranking from 21st to 18th.

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