Mirae Asset Management has significantly expanded its global footprint, as revealed in its 2024 semi-annual report submitted to the Financial Supervisory Service’s electronic disclosure system (DART) on August 19. The report highlights that the company now operates 27 overseas subsidiaries in 10 countries, marking an 80% increase in its overseas presence over the past five years.
Mirae Asset Management first ventured into the global market in December 2003 by establishing ‘Mirae Asset Management Hong Kong,’ becoming the first domestic asset management company to do so. This initial step set the stage for a series of strategic expansions and acquisitions that have solidified its position as a global player in the asset management industry.
In February 2005, the company launched the “Mirae Asset Asia Pacific Star Equity Fund,” the first overseas fund directly managed by a domestic asset management company’s overseas subsidiary. This move was followed by the acquisition of Canada’s “Horizons ETFs” in 2011, marking the beginning of Mirae Asset’s journey to becoming a global ETF management company.
The company’s global expansion continued with the acquisition of the United States’ “Global X” in 2018 and Australia’s “ETF Securities” in 2022. Notably, the acquisition of “ETF Securities” was the first instance where a domestic asset management company acquired an overseas ETF manager with profits earned overseas. Last year, Mirae Asset further diversified its portfolio by acquiring “Stockspot,” an Australian robo-advisor specialist, becoming the first domestic financial group to acquire an overseas robo-advisor specialist.
As of the end of June this year, Mirae Asset Management manages 585 ETFs in 16 countries and regions, including the United States, Vietnam, Brazil, the United Arab Emirates (UAE), the United Kingdom, India, Japan, China, Canada, Colombia, Australia, and Hong Kong. The company’s total assets under management (AUM) at the end of the first half of this year stood at 200.9343 trillion won (approximately $148.8 billion), with overseas investment AUM reaching 83.0797 trillion won, surpassing Samsung Asset Management’s 69.6577 trillion won.
India hosts the most Mirae Asset Management locations with six subsidiaries, followed by Australia with five, and the United States with four. In comparison, Mirae Asset’s overseas bases are 3.4 times more than Samsung Asset Management’s and 5.4 times more than Hanwha Asset Management’s.
A significant milestone in Mirae Asset’s journey was celebrated last June when a congratulatory message for the listing of the “TIGER NASDAQ 100 +15% Premium Ultra-Short ETF” was displayed on the Nasdaq Tower billboard in New York, USA. This event underscored the company’s growing influence and recognition in the global financial markets.