Mirae Asset Financial Group ( ko, 미래에셋금융그룹) is a financial services group headquartered in Seoul, South Korea. Mirae Asset provides comprehensive financial services including

asset management Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...

wealth management Wealth management (WM) or wealth management advisory (WMA) is an investment advisory service that provides financial management and wealth advisory services to a wide array of clients ranging from affluent to high-net-worth (HNW) and ultra-high- ...

investment banking Investment banking pertains to certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated wit ...

, and

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

. Mirae Asset was founded by Hyeon Joo Park in 1997 and introduced the very first mutual funds to Korean retail investors in 1998. On a global consolidated basis, total group’s client assets exceed US$550 billion (as of December, 2020). Mirae Asset has global presence in Australia, Brazil, Canada, Mainland China, Hong Kong, Colombia, India, Indonesia, Japan, Korea, Mongolia, Singapore, the United Kingdom, United States and Vietnam.

Harvard Business School Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...

selected Mirae Asset Financial Group as its first Asian financial company case study in 2010, under the title “Mirae Asset: Korea’s Mutual Fund Pioneer".

Seoul National University Seoul National University (SNU; ) is a national public research university located in Seoul, South Korea. Founded in 1946, Seoul National University is largely considered the most prestigious university in South Korea; it is one of the three "S ...

also selected Mirae Asset Financial Group as one of their case studies, "Mirae Asset: A Disruptive Innovator in the Korean Financial Industry", which is listed by The Case Centre

case method The case method is a teaching approach that uses decision-forcing cases to put students in the role of people who were faced with difficult decisions at some point in the past. It developed during the course of the twentieth-century from its origin ...

clearinghouse.

History

Foundation of Mirae Asset Financial Group

Park Hyeon-Joo founded Mirae Asset Global Investments and Mirae Asset Capital in June 1997. Within 6 months after the foundation, Mirae Asset suffered from 1997 financial crisis of South Korea, however, showed a tremendous investment performance by believing in South Korea's economy to rebound with contrary investment insights where Park is notable for his adherence to long-term and value investing. In December 1998, Park launched the first retail mutual fund, “Park Hyeon Joo No.1” in South Korea and The Journal of Investment & Pension described that this fund was a great success.

Mergers and acquisitions of Mirae Asset Financial Group

Park has grown Mirae Asset Financial Group into an independent financial conglomerate in South Korea by successfully acquiring a number of financial companies with his contrary investment philosophy and insights. * 2004.02 Acquired SK Investment Trust Company, an affiliates of

SK Group SK Group ( Korean: SK그룹, 에스케이그룹) is the second largest South Korean chaebol behind Samsung Group. SK Group is composed of 186 subsidiaries and affiliates that share the SK brand name and the group's management culture, named SKMS ...

* 2005.06 Acquired SK Life Insurance, an affiliates of

* 2011.11 Acquired Horizons ETFs, a major ETF player in Canada * 2011.11 Acquired

BetaShares Betashares is an Australian provider of exchange-traded funds (ETFs) and other ASX-traded funds. The company introduced a range of products into the Australian ETF landscape, including Australia's first currency hedged ETF, Australia's first r ...

, a major ETF player in Australia * 2016.12 Merge and acquisition of Daewoo Securities and

Mirae Asset Securities Mirae Asset Securities Co., Ltd. () is the largest investment banking and stock brokerage company by market capitalization in South Korea. Mirae Asset Securities has been merged with Daewoo Securities as the end of December 2016. Overview Mirae ...

* 2016.12 Acquired KDB asset management company, formerly owned by

Korea Development Bank Korea Development Bank (KDB Bank, SWIFT: KODBKRSE) is a wholly state-owned policy development bank in South Korea. It was founded in 1954 in accordance with The Korea Development Bank Act to finance and manage major industrial projects to expedit ...

* 2017.07 Invested Vietnamese life insurance company, PRÉVOIR * 2017.12 Acquired Korea-based PCA Life Insurance * 2018.07 Acquired Global X, US ETF company

Global expansion and presence of Mirae Asset Financial Group

Founder Park always has in mind to expand the business globally since the early stage, and is regarded as a global forerunner in South Korean financial industry.

Key affiliates

Mirae Asset Global Investments Mirae Asset Global Investments is the leading asset management company in South Korea. Subsidiaries: * Global X ETFs * Horizons ETFs Mirae Asset Securities

offers services including brokerage service, wealth management, investment banking, and sales & trading. It is listed on

KOSPI The Korea Composite Stock Price Index or KOSPI (코스피지수) is the index of all common stocks traded on the Stock Market Division—previously, Korea Stock Exchange—of the Korea Exchange. It is the representative stock market index of ...

. Mirae Asset Life Insurance Mirae Asset Life Insurance offers life insurance, investment-linked insurance, financial consulting and retirement planning services. It is listed on

since July 2015. Mirae Asset Venture Investment Mirae Asset Venture Investment Co., Ltd. is a venture capital and private equity company specializing in investment of venture businesses with potential for growth, incubation, buyouts, and cross-border investments. It has been listed on

KOSDAQ KOSDAQ (acronym of Korean Securities Dealers Automated Quotations, Korean: 코스닥) is a trading board of Korea Exchange (KRX) in South Korea established in 1996. Initially set up by Korea Financial Investment Association as an independent stoc ...

since March 2019.

References

External links

* {{Major asset management companies Companies based in Seoul South Korean companies established in 1997 Financial services companies established in 1997 Insurance companies of South Korea Investment banking private equity groups Investment management companies of South Korea Exchange-traded funds Life insurance companies