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Mirae Asset Financial Group

Mirae Asset Financial Group is a South Korean multinational financial services company headquartered in Seoul, South Korea. Mirae Asset provides comprehensive financial services including asset management, wealth management, investment banking, and life insurance. Mirae Asset was founded by Hyeon Joo Park in 1997 and introduced the first mutual funds to Korean retail investors in 1998. On a global consolidated basis, the total group’s client assets exceed US$550 billion (as of December 2020). Mirae Asset has a global presence in Australia, Brazil, Canada, Mainland China, Hong Kong, Colombia, India, Indonesia, Japan, Korea, Mongolia, Singapore, the United Kingdom, the United States, and Vietnam.

Harvard Business School 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".[2][3] Seoul National University 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 clearinghouse.[4]

History

Foundation of Mirae Asset Financial Group

Park Hyeon-Joo founded Mirae Asset Global Investments and Mirae Asset Capital in June 1997. 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.[5]

Mergers and acquisitions of Mirae Asset Financial Group

Mirae Asset Financial Group has grown into an independent financial conglomerate in South Korea by acquiring various financial companies:

  • 2004.02 Acquired SK Investment Trust Company, an affiliate of SK Group
  • 2005.06 Acquired SK Life Insurance, an affiliate of SK Group[6][7]
  • 2011.11 Acquired Horizons ETFs,[8] a major ETF player in Canada
  • 2011.11 Acquired Betashares, a major ETF player in Australia
  • 2016.12 Merge and acquisition of Daewoo Securities and Mirae Asset Securities[9][10][11][12][13]
  • 2016.12 Acquired KDB asset management company,[14] formerly owned by Korea Development Bank
  • 2017.07 Invested Vietnamese life insurance company, PRÉVOIR[15]
  • 2017.12 Acquired Korea-based PCA Life Insurance[16][17]
  • 2018.07 Acquired Global X,[18] US ETF company
  • 2022.06 Acquired ETF Securities Australia, an Australian ETF company [19]
  • 2024.11 Acquired Sharekhan Indian Brokerage company[20]

Global expansion and presence of Mirae Asset Financial Group

Founder Park led the company’s expansion into international markets during its early years.[21][22]

Key affiliates

Mirae Asset Global Investments

Mirae Asset Global Investments is a leading asset management company in South Korea. Its subsidiaries include Global X ETFs and Global X Investments Canada.

Mirae Asset Securities

Mirae Asset Securities offers brokerage services, wealth management, investment banking, and sales and trading services. It is listed on KOSPI.[23]

Mirae Asset Life Insurance

Mirae Asset Life Insurance offers life insurance, investment-linked insurance, financial consulting, and retirement planning services. It has been listed on KOSPI since July 2015.[24]

Mirae Asset Venture Investment

Mirae Asset Venture Investment Co., Ltd. is a venture capital and private equity company specializing in investing in venture businesses with potential growth, incubation, buyouts, and cross-border investments. It has been listed on KOSDAQ since March 2019.[25]

See also

  • Economy of South Korea

External links

References

  1. Total AUM www.am.miraeasset.com, retrieved 4 October 2025^
  2. Jae-won Kim. Harvard Business School to Study Mirae Asset Group The Korea Times, 2009-12-09, retrieved 2019-09-30^
  3. Mukti Khaire, Michael Shih-ta Chen, G. A. Donovan. Mirae Asset: Korea's Mutual Fund Pioneer Harvard Business School, June 2011^
  4. Youngjin Kim, Soo-Wook Kim. Mirae Asset: A Disruptive Innovator in the Korean Financial Industry Graduate School of Business, Seoul National University, 2017-07-24^
  5. Mirae Asset's focus on global emerging markets - Asia Asset Management - The Journal of Investments & Pensions www.asiaasset.com, retrieved 2019-03-26^
  6. South Korea: Mirae Asset Buys SK Life Asia Insurance Review, retrieved 2019-03-26^
  7. Mirae eyes bid to keep SK Life in Korean hands www.scotsman.com, retrieved 2019-03-26^
  8. Mirae Asset Completes Acquisition of 85% Stake in Horizons ETFs www.businesswire.com, 2011-11-14, retrieved 2019-03-26^
  9. NexChange. Mirae's Park Hyeon-joo to take control of Daewoo Securities nexchange.com, retrieved 2019-03-26^
  10. Mirae Asset Daewoo, Mirae Asset Securities complete merger www.spglobal.com, retrieved 2019-03-26^
  11. Mirae Asset Daewoo (Korea): Merger with Mirae Asset Securities (Korea) - Changes in FTSE4Good Index Series retrieved 2019-09-30^
  12. Mirae Asset Daewoo (Korea): Merger with Mirae Asset Securities (Korea) Changes in FTSE4Good Index Series FTSE, 12 December 2016^
  13. Bloomberg - Mirae Asset Buy $2 Billion Stake in Daewoo Securities Bloomberg.com, 25 January 2016, retrieved 2019-09-30^
  14. Stocks www.bloomberg.com, retrieved 2019-03-26^
  15. S.Korea's Mirae invests $48.4 mln in Vietnamese insurance firm Reuters, 2017-07-05, retrieved 2019-03-26^
  16. BRIEF-MIRAE ASSET Life Insurance to merge with PCA Life Insurance Reuters, 2017-06-26, retrieved 2019-03-26^
  17. Mirae Asset Life's acquisition of PCA Life clears regulatory hurdle - Pulse by Maeil Business News Korea pulsenews.co.kr, retrieved 2019-03-26^
  18. Mirae Asset secures foothold in overseas ETF business The Korea Herald, 2018-08-28, retrieved 2019-03-26^
  19. Mirae Asset Global Investments and Global X acquire ETF Securities ETF Stream, 2022-06-15, retrieved 2025-12-08^
  20. Mirae Asset Financial Group Completes Acquisition of Sharekhan^
  21. Mirae Asset to expand presence in Asia: founder says in letter to employees The Korea Herald, 2019-03-26, retrieved 2019-03-28^
  22. Korea's Mirae Asset Group to enter Japan for bigger global outreach - Pulse by Maeil Business News Korea pulsenews.co.kr, retrieved 2019-03-28^
  23. Bloomberg - Stock Quotes www.bloomberg.com, retrieved 2019-09-30^
  24. S.Korea's Mirae Asset Life Insurance to raise $307 mln in July IPO U.S., retrieved 2019-09-30^
  25. www.etnews.com. Many Major South Korean Companies Expected to Go Public in March 대한민국 IT포털의 중심! 이티뉴스, 2019-02-28, retrieved 2019-09-30^