Mirae Asset Global Investments Co. will launch an asset management firm in Vietnam in partnership with Vietnam’s State Capital Investment Corporation (SCIC) to become South Korea’s first asset manager to set up a legal entity in the Southeast Asian country.
The Korean company said Monday that it will acquire a full stake in Tin Phat Management Fund Joint Stock Company and issue shares worth about 30 percent of its total holding to SCIC’s subsidiary SIC to form a joint venture.
SCIC is Vietnam’s state-owned investment fund that invests in state enterprises.
“The move will enable us to gain a foothold in not only China and Hong Kong but Southeast Asia at large,” said an official from Mirae Asset. “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, the Korean asset management firm has been offering fund management and advisory services in the country with 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.
Mirae Asset Global Investment has been aggressive in going global since 2003 when it first set up its foreign entity in Hong Kong. Its global network now covers India, U.K., U.S. and Brazil.
Last week, it announced that it has agreed to acquire Global X Management Co., a U.S. exchange-traded fund 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.
By Hong Jang-won and Kim Hyo-jin
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