Mirae Asset Global Investments announced on November 21 that it has become Korea's first private equity fund management company in China.
YiCai Investment Consulting, a subsidiary of Mirae Asset Global Investments in Shanghai, registered in the Asset Management Association of China (AMAC) as a Private Fund Management Wholeign Of Enterprise (PFM WFE).
This means it is now entering the $20 trillion Chinese market, the second largest asset management market in the world.
Mirae Asset Global Investments will sell funds that invest in mainland Chinese stocks and bonds to local agencies and high-value capitalists.
It established its first overseas operations company in Hong Kong in 2003 and started selling funds in India in 2008 by setting up stock and bond funds.
In the same year, Mirae Asset Global Investments set up the first SICAV (investment company with variable capital) in Luxembourg and sold Korean stock funds in Europe.
As number of countries that sell has increased, future funds are now being sold in 36 countries from developed to emerging.
Mirae Asset Global Investments is aggressively expanding its business overseas this year by acquiring ETF management company Global X and establishing a joint venture in Vietnam.
Based on network from 12 global countries such as the U.S., Canada, China, and Brazil, the total amount of foreign companies' deposits reached 32 trillion won at the end of October.
It is showing steady growth this year, increasing by more than 11 trillion won.
