SEOUL: After wetting its feet in the mutual funds business in India, Korean financial services giant Mirae Asset Financial Group is planning to enter the investment banking, wealth management and private equity segments in the country.
Mirae Asset Financial Group chairman Hyeon-Joo Park said that the company recently launched its asset management business in India.
“We are now preparing to launch our securities business in the country,” Park said, adding that Mirae was not eyeing the brokerage space.
He refused to put a figure to the proposed investment into India. The group has been exploring an inorganic entry into India through an acquisition. “But we have not been able to find a suitable company,” said Park.
Real estate too was on Mirae’s radar but regulations in India are dissuading the
Korean company.
“If the government of India softened the regulations, we would like to invest in real estate,” Park added.
Mirae Asset, which manages $130 billion of assets globally, has invested up to $10 billion in San Francisco in the United States and Brazil.
Besides brokerage, life insurance is another space that Mirae is not looking at right now and is trying to find a foothold in its home market. “We are reluctant to expand the life insurance business as it is not an easy one. One has to invest a lot of money for the life insurance business to expand,” Park said.
Mirae is also looking at the UAE, where it hopes to tap the non-resident Indians market.
Meanwhile, its current mutual funds business in India will launch nine equity products this fiscal.
“Between now and March end, we will launch a slew of products, including one hybrid, four local and four international funds,” Park said.
d_khyati@dnaindia.net
(The writer is in seoul at the invitation of Mirae Asset Financial Group)
