Asset management firm Mirae Asset Investment Managers (India) Pvt. Ltd. opens Dubai branch
Mirae Asset also has interests in Life Insurance, Securities and Invt. and Venture Capital
Dubai: Mirae Asset Investment Managers (India) Private Ltd. (Mirae or AMC) announced the launch of their Dubai office on Thursday. One of the fastest growing asset management companies in India, it has established a strong foothold in the Indian mutual fund sector.
Mirae Asset Mutual Funds Asset Under Management (AUM) is at $14.42 billion across 5.4 million folios in India as on August 31. The AMC received a professional license issued by Dubai Economy and Tourism to set up a representative office in Dubai. This will enable the AMC to bring its investment and client-led proposition to the region’s investment community.
The AMC has set up the office at The Binary Tower, 1714, Business Bay, Dubai.
Considering the potential of the Middle East market, the AMC believes that the Dubai office can help tap the potential and demand for India-dedicated funds, and global funds from NRIs and other foreign investors while deepening relationships with regional asset owners.
The AMC currently manages eight equity funds (AUM of $11.65 billion), four hybrid Funds (AUM of $1.11 billion), nine debt funds (AUM of $952 million), one Index, nine ETFs and six fund of fund schemes (AUM of $714 million). The AMC has seen strong growth in new client additions with investor folios crossing 5.4 million, with close to 1.8 million Systematic Investment Plan (SIP) folios. The SIP flows have also grown significantly with monthly inflows of $107 million.
Mr. Swarup Mohanty, Chief Executive Officer, Mirae, commented “It has been a great journey for Mirae Asset India with robust growth and we are delighted to launch the Middle East business with a Rep Office in Dubai. The launch of Rep Office in Dubai is an important milestone for the global expansion of our AMC. We would like to provide the investors in Middle East region access to our range of India dedicated funds and global funds. Our focus has been to give a good investment experience to investors by maintaining risk management framework and customer centricity which have been instrumental in winning trust of our clients as well as distributor partners. The AMC in India is charting the future growth strategy with focus on fixed income and passive offerings, along with equity where it has already created a strong foothold. ”
Mr. Neelesh Surana, Chief Investment Officer, Mirae. commented “We are constructive on the Indian economy and equity markets, both from a cyclical and structural perspective. Structurally, the long-term drivers of favourable demographics along with slew of reforms will help India remain amongst the fastest growing economies. We would advise investors to invest in disciplined way for long term to participate in the wealth creation.”
The AMC has registered with Securities and Commodities Authority (SCA) for the following funds
- Mirae Asset Large Cap Fund: An open-ended equity scheme predominantly investing in large-cap stocks i.e., top 100 companies by market capitalization. It has a fourteen-year track record and an AUM of $4.22 billion.
- Mirae Asset Midcap Fund: An open-ended equity scheme predominantly investing in mid cap mid-Cap equity and equity-related instruments (>65%) in 101st -250th company by market capitalization, and has an AUM of $1.06 Billion
- Mirae Asset Hybrid Equity Fund which is an open-ended hybrid scheme investing predominantly in equity and equity related instrument, with balance exposure to debt and money market instruments, and has an AUM of $887 million.
Mirae Asset India is a part of Mirae Asset Global Investments Company Ltd. Over the last two decades, Mirae Asset Global Investments Ltd. has become one of the world’s largest investors in emerging market equities, managing total assets of over USD 205 billion as on June 30. Headquartered in South Korea, Mirae Asset Global Investments Company Ltd also has investment management operations in Hong Kong, United Kingdom, India, Vietnam, USA, Canada, Taiwan and Brazil.
Apart from Asset Management, Mirae Asset Financial Group has business interests in Life Insurance, Securities and Investment & Venture Capital.
Mutual fund investments are subject to market risks, read all scheme related documents carefully.