Expanding footprint
Mirae Asset Mutual Fund which is set to complete a decade in India this year is expanding its footprint in the Indian financial services space by entering new businesses like private equity, investment banking and broking.
Further, the fund house will also apply with SEBI for Alternative Investment Fund (AIF) license. The AIF will invest in private debt across the credit opportunities spectrum, focusing on higher grade projects or entities as well as undertake venture debt investments, for which it sees an emerging opportunity given the limited presence of venture debt providers in India. Junyoung Hong, Director & Head of Businesses at Mirae Asset said the AIF will seek investments from Korean investors looking to invest in India.
Many asset management firms including Aditya Birla, DSP BlackRock, Edelweiss, HDFC, ICICI Prudential, UTI and Reliance have diversified into AIF business.
Domestic mutual fund growth
The fund house has seen 100% growth in its mutual fund assets this calendar year due to its stellar fund performance. Thanks to the growth in its equity assets, the fund house has become the 16th largest AMC based on equity assets. Its overall asset size has crossed Rs 15,000 crore. In July 2013, the fund house managed Rs 500 crore. Its SIP book has grown from Rs 29 crore in March 2016 to Rs 200 crore in December 2017.
The fund house is looking to expand its product bouquet in other categories by launching short-term fund, equity savings fund, arbitrage fund and exchange traded funds.
Offshore advisory
Mirae Asset (India) also provides advisory services on assets worth $1 billion (800 million in equity and 200 million in debt) to its Hong Kong and Korea offices.
In December 2017, Mirae Asset India along with Mirae Asset HK office launched India offshore fund called Mirae Asset India Midcap Equity Fund which collected assets worth $ 450 million.
