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Mirae Asset Financial Group

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 very first mutual funds to Korean retail investors in 1998. On a global consolidated basis, total group’s client assets exceed US$550 billion (as of December, 2020). Mirae Asset has global presence in Australia, Brazil, Canada, Mainland China, Hong Kong, Colombia, India, Indonesia, Japan, Korea, Mongolia, Singapore, the United Kingdom, United States and Vietnam.

Mirae Asset Financial Group
Company typePrivate
IndustryFinancial services
Founded1997; 27 years ago (1997)
FounderPark Hyeon-Joo
HeadquartersSeoul, South Korea
Products
AUM US$548 billion (2023)[1]
Websitewww.miraeasset.com

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. 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.[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 a number of 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

Global expansion and presence of Mirae Asset Financial Group edit

Founder Park always has in mind to expand the business globally since the early stage, and is regarded as a global forerunner in South Korean financial industry.[19][20]

Key affiliates edit

Mirae Asset Global Investments

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

Subsidiaries:

Mirae Asset Securities

Mirae Asset Securities offers services including brokerage service, wealth management, investment banking, and sales & trading. It is listed on KOSPI.[21]

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.[22]

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.[23]

See also edit

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 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. ^ Herald, The Korea (2018-08-28). "Mirae Asset secures foothold in overseas ETF business". www.koreaherald.com. Retrieved 2019-03-26.
  19. ^ Herald, The Korea (2019-03-26). "Mirae Asset to expand presence in Asia: founder says in letter to employees". www.koreaherald.com. Retrieved 2019-03-28.
  20. ^ "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.
  21. ^ "Bloomberg - Stock Quotes". www.bloomberg.com. Retrieved 2019-09-30.
  22. ^ "S.Korea's Mirae Asset Life Insurance to raise $307 mln in July IPO". U.S. Reuters Editorial. Retrieved 2019-09-30.
  23. ^ 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

mirae, asset, financial, group, this, article, multiple, issues, please, help, improve, discuss, these, issues, talk, page, learn, when, remove, these, template, messages, this, article, list, format, read, better, prose, help, converting, this, article, appro. This article has multiple issues Please help improve it or discuss these issues on the talk page Learn how and when to remove these template messages This article is in list format but may read better as prose You can help by converting this article if appropriate Editing help is available January 2018 A major contributor to this article appears to have a close connection with its subject It may require cleanup to comply with Wikipedia s content policies particularly neutral point of view Please discuss further on the talk page December 2020 Learn how and when to remove this message Learn how and when to remove this message 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 very first mutual funds to Korean retail investors in 1998 On a global consolidated basis total group s client assets exceed US 550 billion as of December 2020 Mirae Asset has global presence in Australia Brazil Canada Mainland China Hong Kong Colombia India Indonesia Japan Korea Mongolia Singapore the United Kingdom United States and Vietnam Mirae Asset Financial GroupCompany typePrivateIndustryFinancial servicesFounded1997 27 years ago 1997 FounderPark Hyeon JooHeadquartersSeoul South KoreaProductsAsset managementRisk managementInvestment managementWealth managementInvestment bankingLife insuranceMutual fundsExchange traded fundsIndex fundsAUMUS 548 billion 2023 1 Websitewww wbr miraeasset wbr com 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 Contents 1 History 1 1 Foundation of Mirae Asset Financial Group 1 2 Mergers and acquisitions of Mirae Asset Financial Group 1 3 Global expansion and presence of Mirae Asset Financial Group 2 Key affiliates 3 See also 4 References 5 External linksHistory editFoundation of Mirae Asset Financial Group edit Park Hyeon Joo 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 amp 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 a number of 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 PREVOIR 15 2017 12 Acquired Korea based PCA Life Insurance 16 17 2018 07 Acquired Global X 18 US ETF company Global expansion and presence of Mirae Asset Financial Group edit Founder Park always has in mind to expand the business globally since the early stage and is regarded as a global forerunner in South Korean financial industry 19 20 Key affiliates editMirae Asset Global InvestmentsMirae Asset Global Investments is the leading asset management company in South Korea Subsidiaries Global X ETFs Horizons ETFs Mirae Asset SecuritiesMirae Asset Securities offers services including brokerage service wealth management investment banking and sales amp trading It is listed on KOSPI 21 Mirae Asset Life InsuranceMirae Asset Life Insurance offers life insurance investment linked insurance financial consulting and retirement planning services It is listed on KOSPI since July 2015 22 Mirae Asset Venture InvestmentMirae 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 23 See also editEconomy of South KoreaReferences edit Total AUM www am miraeasset com 31 March 2023 Kim Jae won 2009 12 09 Harvard Business School to Study Mirae Asset Group The Korea Times Retrieved 2019 09 30 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 a href Template Cite journal html title Template Cite journal cite journal a Cite journal requires journal help 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 a href Template Cite journal html title Template Cite journal cite journal a Cite journal requires journal help Mirae Asset s focus on global emerging markets Asia Asset Management The Journal of Investments amp Pensions www asiaasset com Retrieved 2019 03 26 South Korea Mirae Asset Buys SK Life Asia Insurance Review Retrieved 2019 03 26 Mirae eyes bid to keep SK Life in Korean hands www scotsman com Retrieved 2019 03 26 Mirae Asset Completes Acquisition of 85 Stake in Horizons ETFs www businesswire com 2011 11 14 Retrieved 2019 03 26 NexChange Mirae s Park Hyeon joo to take control of Daewoo Securities NexChange nexchange com Retrieved 2019 03 26 Mirae Asset Daewoo Mirae Asset Securities complete merger www spglobal com Retrieved 2019 03 26 Archived copy Archived from the original on 2019 03 27 Retrieved 2019 09 30 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link Mirae Asset Daewoo Korea Merger with Mirae Asset Securities Korea Changes in FTSE4Good Index Series FTSE 12 December 2016 Bloomberg Mirae Asset Buy 2 Billion Stake in Daewoo Securities Bloomberg com 25 January 2016 Retrieved 2019 09 30 Stocks www bloomberg com Retrieved 2019 03 26 S Korea s Mirae invests 48 4 mln in Vietnamese insurance firm Reuters 2017 07 05 Retrieved 2019 03 26 BRIEF MIRAE ASSET Life Insurance to merge with PCA Life Insurance Reuters 2017 06 26 Retrieved 2019 03 26 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 Herald The Korea 2018 08 28 Mirae Asset secures foothold in overseas ETF business www koreaherald com Retrieved 2019 03 26 Herald The Korea 2019 03 26 Mirae Asset to expand presence in Asia founder says in letter to employees www koreaherald com Retrieved 2019 03 28 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 Bloomberg Stock Quotes www bloomberg com Retrieved 2019 09 30 S Korea s Mirae Asset Life Insurance to raise 307 mln in July IPO U S Reuters Editorial Retrieved 2019 09 30 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 editOfficial website Retrieved from https en wikipedia org w index php title Mirae Asset Financial Group amp oldid 1221735765, wikipedia, wiki, book, books, library,

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