Mirae Asset Global Investments announced on June 13 that the assets under management (AUM) of its Indian subsidiary have exceeded 30 trillion won (approximately $21.83 billion). This milestone places the subsidiary ninth among asset management companies in India.
The Indian subsidiary manages a total of 58 funds, including 38 mutual funds and 20 exchange-traded funds (ETFs). The AUM has nearly tripled over the past five years, rising from 10.5 trillion won at the end of 2020 to 30 trillion won by May 2024. During this period, the number of retail customers grew from 2.8 million to 6.2 million.
Mirae Asset’s success in India is attributed to the introduction of new bond and hybrid funds, which have diversified investments across various assets such as stocks, bonds, and commodities. From January to May 2024, these funds attracted inflows totaling 1.3 trillion won, three times the annual inflow of 2023. The total net assets of ETFs also surpassed 1.3 trillion won ($1 billion) by the end of May.
Since entering the Indian ETF market in 2018 with the “Mirae Asset Nifty 50 ETF,” the subsidiary has launched various innovative products. This year, it plans to introduce India’s first electric vehicle investment ETF and the first AI company investment ETF, continuing its trend of thematic ETF innovations.
Additionally, Mirae Asset’s Dubai branch, established two years ago, has shown rapid growth, with AUM surpassing 400 billion won. As the first Korean asset management company in the Middle East, Mirae Asset benefits from strong demand for investments from local Indians in Dubai, where they constitute approximately 40% of the population.
Mirae Asset entered the Indian market in 2008 and remains the sole independent foreign capital asset management company in India. While other global firms exited or shifted to joint ventures following the financial crisis, Mirae Asset maintained its active investment approach, leveraging India’s growth potential. The company’s robust localization strategy has helped it become the ninth largest asset management company in India. In 2023, Mirae Asset Securities acquired Indian brokerage firm Sharekhan Limited, which is expected to enhance business synergies for the group in the future.
