South Korean MF Plans India Entry

The last three years have seen the entry of a large number of global fund houses, from the US, Europe and the major Asian markets like Singapore and Hong Kong, enter the buzzing Indian market. Now the South Koreans too are eying a pie of the Indian market.
Mirae Asset Management, the largest mutual fund house in Korea, is in the process of getting regulatory approvals from Sebi to launch its asset management operation here. A decade-old company, at present Mirae manages about $60 billion worth of assets, of which about $7 billion is invested outside of its home country. In Korea, it also has about 40% market share in the equity space.

Mirae is investing $50 million in India over a three-year period to set up its India arm for asset management, its core business. In Korea, it is also present in sectors like insurance, stock broking, private equity (PE) and real estate and is closely watching the developments in the PE and real estate sectors in India.