Mirae Asset Park Hyeon-joo’s small ball, pioneering the Korean wave in the financial market

(From left) Mirae Asset Chairman Park Hyun-joo, Global X founder Bruno Del Amah, Global X CEO Luis Beruga, and Jose Gonzalez-Navarro Global X founder. bruno del ama linkedin capture

Chairman Park Hyun-joo said, ‘Even if it fails, experience remains in the Korean capital market.’ Even if I fail, the experience remains for future generations.”

Mirae Asset currently operates 30 global networks in 15 regions. We use flexible strategies such as establishment and M&A according to overseas market conditions.

Performance is also paying off. This year, Mirae Asset Asset Management’s overseas performance is expected to exceed its domestic performance.

The net profit of Mirae Asset Asset Management’s overseas subsidiaries until the third quarter stood at 270 billion won, a five-fold increase from 51.6 billion won in the same period last year. In the third quarter alone, it earned 33 billion won, and if this trend continues, it may set a record exceeding 300 billion won.

The operating profit of overseas subsidiaries is also expected to reach 140 billion won this year, doubling from 73 billion won in the same period last year. Mirae Asset Asset Management continues to break records for the highest annual operating profit and net profit for the year.

The net profit of overseas corporations increased more than 13 times in just four years from 19.6 billion won in 2018, and it is evaluated that it is bearing the fruit of pioneering overseas markets in 2003.

In the early stages of overseas expansion, the domestic investment industry responded that it was hasty. It was unreasonable to compete overseas with leading companies such as Goldman Sachs and Merrill Lynch. As it is now, the overseas market in the early 2000s was nothing more than a barren land for finance.

A typical success story is the acquisition of Global X, a US ETF management company. Global X is an ETF management company established in 2008 and introduced its first ETF to the market in 2009. However, when Mirae Asset acquired it in 2018, the operating scale was only about $10 billion. According to ETF.com, three years later, Global X has more than quadrupled to $43 billion.

This ranks 11th in the U.S. market, which boasts over 70% of the global market share, and surpasses the goldman Sachs, Fidelity and Cashwood arcs that are attracting global funds with active ETFs in ETF scale.

Mirae Asset Asset Management’s overseas market growth trend is expected to continue. As of the end of September, Mirae Asset Asset Management’s global investment is 259 trillion won. Of this, 35%, or 90 trillion won, is due to overseas subsidiaries’ custody, which is a rapid growth of more than 6 times from 14 trillion won in 2016. If Mirae Asset’s growth, which is focused on overseas markets, continues at this trend, industry insiders agree that it could exceed domestic custody within three years.

There are no global financial institutions in Korea yet. Although it is still small, I look forward to the day when Mirae Asset’s ‘small ball’ will create a Korean wave in finance.

[ⓒ 세계일보 & Segye.com, 무단전재 및 재배포 금지]


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