WealthSpot in the US, Stockspot in Australia, Mirae Asset’s Indian unit to accelerate the group’s AI business expansion worldwide
Mirae Asset Group, the pioneer in South Korea’s mutual fund industry, plans to set up an artificial intelligence business unit in New York as the financial conglomerate aims to expand global investment services with robo-advisors for future growth.
“WealthSpot, Mirae Asset Group’s AI unit, is set to be opened in New York City,” the group founder and Global Strategy Officer Park Hyeon Joo told The Korea Economic Daily in an interview on Tuesday. “We will dispatch core Mirae Asset executives such as Kim Yeon Chu, head of derivatives, to lay the foundation for the business.”
Kim, who is touted as one of the group’s future leaders along with Kim Namki, head of Mirae Asset Global Investments Co.’s exchange-traded fund (ETF) business, has been appointed to head up WealthSpot.
The New York unit is poised to oversee the group’s AI business and handle the robo-advisor sector, global investment asset allocation and ETF development.
Robo-advisors are digital platforms that provide automated, algorithmic investment services with minimal human supervision.