Korea's Mirae Plans to Offer Global ETF Plans
Bangalore: South Korea's Mirae Asset Group is evaluating the possibility of launching global exchange-traded fund (ETF) products in India, a top company official said.
"We are extensively expanding our ETF platform globally. Our Korean company has acquired a majority stake in Horizon family of ETFs in Canada. We have also launched the Tiger ETF series that is listed on the Korean and Hong Kong Exchange. We are evaluating launching global products here in India based on global offerings," said Jisang Yoo, CEO, Mirae Global Investments India.
Established in November 2006, Mirae Global Investments India is the investment manager to Mirae Asset Mutual Fund, which manages over Rs 500 crore assets in international stock funds, diversified equity funds, debt and money market schemes.
On plans to tap qualified foreign investor (QFI) flows, Mirae said it plans to use its distribution muscle in the Asia-Pacific market to pursue growth opportunities.
"If we launch a domestic fund and introduce it to other markets, it will turn out to be a very attractive proposition to them. A 7-8 per cent return from fixed income funds is attractive for investors in Japan, Korea and Hong Kong. We will also approach QFIs with our strong equity funds," said Yoo.
Over the past couple of years, Mirae Asset Group has purchased four mutual fund firms based in Taiwan, Canada and Australia.
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