Mirae Asset holds 'ETF Rally 2023' for global expansion

The Korea Times

The Korea Times

Finance

Sun, October 1, 2023 | 01:53

Companies

Mirae Asset holds ETF Rally 2023 for global expansion

Posted : 2023-05-28 16:20

Updated : 2023-05-29 16:01

Park Hyeon-joo, founder and global strategy officer of Mirae Asset Financial Group, delivers a speech on the firm's global vision in the exchange-traded fund (ETF) market during its ETF Rally 2023 event in Seoul, May 22. Courtesy of Mirae Asset Global Investments

By Lee Min-hyung

Mirae Asset Global Investments has reaffirmed its strong determination to strengthen its brand identity in the global exchange-traded fund (ETF) market.

A group of 70 top-level executives of its overseas branches took part in the firm's ETF Rally 2023 event for three days from May 22. As of the end of April, Mirae Asset operates ETF businesses worth 121 trillion won ($91.1 billion) in 11 countries and regions around the globe such as the United States, Japan, Canada and Hong Kong.

Under the leadership of Mirae Asset Financial Group founder Park Hyeon-joo, the asset management arm has focused on expanding its ETF market share, particularly outside Korea for the past decade. Starting with its 2011 acquisition of the Canadian ETF management firm Horizons ETFs, the company has pushed aggressively for M&As by taking over renowned market players such as Global X of the U.S. and ETF Securities in Australia.

The participants of the event ― including CEOs and chief information officers from its overseas branches ― introduced each country's ETF business characteristics and shared their opinion on how Mirae Asset can compete with their overseas counterparts in the global ETF market.

Global X CEO Luis Berruga delivered a speech on Mirae Asset's growth in the American ETF industry after its acquisition of the company in 2018. The U.S. ETF market accounts for around 70 percent of the global market. Global X's assets under management were worth around 8 trillion won by the time Mirae Asset took over the company, but the figure has soared to 51 trillion won as of the end of April.

The company also introduced the growth potential of India's ETF market. Swarup Mohanty, the Indian branch chief of the Korean asset management firm, spoke highly of the firm's rapid growth in the country, rising to the ninth-largest asset management company there in almost a decade.

"ETF experts from 11 countries presented their ideas on how Mirae Asset can expand its global footing," said Kim Young-hwan, head of Mirae Asset Global Investments' global management division.

mhlee@koreatimes.co.kr