Financial services group
Mirae Asset Financial Group
(
Korean
:
未來에셋金融그룹
) 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 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.
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.
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
]
- ^
"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.
- ^
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.
- ^
"Mirae Asset's focus on global emerging markets - Asia Asset Management - The Journal of Investments & 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
.
{{
cite web
}}
: 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"
.
大韓民國 IT포털의 中心! 이티뉴스
. Retrieved
2019-09-30
.
External links
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Business Groups with a total asset over KRW 10 trillion, as designated by
KFTC
in 2023
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Major asset management companies
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