Mirae Asset Financial Group
Mirae Asset Financial Group is a financial services group 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 very first mutual funds to Korean retail investors in 1998. On a global consolidated basis, total group’s client assets exceed US$400 billion. Mirae Asset has global presence in Australia, Brazil, Canada, China, Colombia, Hong Kong, India, Indonesia, 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". 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.
History
Foundation of Mirae Asset Financial Group
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.
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.- 2004.02 Acquired SK Investment Trust Company, an affiliates of SK Group
- 2005.06 Acquired SK Life Insurance, an affiliates of SK Group
- 2011.11 Acquired Horizons ETFs, 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 :ko:미래에셋증권|Mirae Asset Securities
- 2016.12 Acquired KDB asset management company, formerly owned by Korea Development Bank
- 2017.07 Invested Vietnamese life insurance company, PRÉVOIR
- 2017.12 Acquired Korea-based PCA Life Insurance
- 2018.07 Acquired GlobalX, US ETF company
Global expansion and presence of Mirae Asset Financial Group
- 2003.12 Established Mirae Asset Global Investment HK
- 2006.09 Established Mirae Asset Global Investment Vietnam
- 2006.11 Established Mirae Asset Global Investment India
- 2007.01 Established Mirae Asset Securities HK
- 2007.03 Established Mirae Asset Global Investment UK
- 2007.07 Established Mirae Asset Global Investment Beijing
- 2007.12 Established Mirae Asset Securities Vietnam
- 2008.02 Established Mirae Asset Investment Advisory Beijing
- 2008.04 Established Mirae Asset Global Investment US
- 2008.04 Established Mirae Asset Global Investment Brazil
- 2008.07 Granted Qualified Foreign Institutional Investor license first in Korea by China Securities Regulatory Commission
- 2008.08 Established Mirae Asset Securities US
- 2008.08 Established Mirae Asset Investment Advisory Shanghai
- 2010.08 Established Mirae Asset Securities Brazil
- 2012.07 Established Mirae Asset Huachen Fund Management
- 2012.10 Established Horizons ETFs LatAM
- 2016.01 Established Mirae Asset Global Investment Australia
- 2017.10 Established Mirae Asset Daewoo India
Notable global investments
- 2011.08 Acquired major shares of Acushnet Company, the owner of leading golf brands of Titleist and FootJoy along with Mirae Asset Private Equity, Fila Korea, National Pension Service of South Korea and Korea Development Bank.
- 2013.09 Acquired Four Seasons Hotel, Sydney
- 2014.12 Acquired major shares of FRB rented building, Washington DC, US
- 2015.05 Acquired major shares of The Fairmont Orchid, Hawaii
- 2015.12 Acquired major shares of Fairmont San Francisco
- 2016.07 Acquired major shares of Amazon head office, Phase VIII
- 2016.09 Acquired major shares of Hyatt Regency Waikiki Beach Resort & Spa
Key Affiliates
Mirae Asset Global Investments is the leading asset management company in South Korea.
Subsidiaries:
- Global X ETFs
- Horizons ETFs
- BetaShares ETFs
Mirae Asset Daewoo offers services including brokerage service, wealth management, investment banking, and sales & trading. It is listed on KOSPI.
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.
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.
Milestones
2004- Mirae Asset Investment Education & Research Center was established
- Mirae Asset MAPS Global Investments was established through the acquisition of a local asset management company
- Mirae Asset launches South Korea’s first overseas investment fund Mirae Asset Retirement Pension Institute established
- Mirae Asset’s SICAV Luxembourg-domiciled funds were launched
- Mirae Asset Global Investments signs an agreement to form an asset management joint venture in China
- Mirae Asset launches US-domiciled funds
- Mirae Asset Global Investments becomes the largest fixed-income fund manager in South Korea
- Mirae Asset Global Investments merges with Mirae Asset MAPS Global Investments, its sister company specializing in alternative investments
- Mirae Asset launches CSI300 Enhanced Index Fund, its China JV’s first mutual fund
- Mirae Asset completes development of South Korea's first Four Seasons Hotel in downtown Seoul, South Korea
- Mirae Asset Securities acquires a leading securities firm, KDB Daewoo Securities, and renamed as Mirae Asset Daewoo, becoming the largest securities firm in South Korea
- Mirae Asset launches global and regional artificial intelligence products