Mirae To Enter MF Biz In India

Mumbai: South Korea is all set to inter Indian financial services market with Mirae Asset group foraying the mutual fund business. Mirae Asset Global Investment Management have submitted the sponsor registration forms to Sebi and are awaiting the approval. The company intends to set up a wholly owned subsidiary and will not rope in a partner. Besides mutual funds, Mirae is also looking at other portfolios. We are very keen on a variety of business operations in India. Mirae Asset, which already has $800 million invested in Indian equities, is expected to raise another $200 million from Korean investors for investments in Indian stocks. Mirae Asset Group, is an independent financial group in Korea and has worldwide operations, providing value-added financial services and competitive products.
The proposed foray of Mirae Asset comes at a time when other players such as Japan's Shinsei bank, UBS, Aviva and Pioneer are planning to enter the domestic mutual fund business. The Tokyo-based Shinsei Bank is also all set to enter into the domestic mutual fund business by forming a joint venture Asset Management Company (AMC) with Andhra Bank. If the deal goes through, Shinsei becomes the second Japanese financial services company to enter into the AMC business in India.