View source for Mirae Asset Financial Group

{{short description|Financial services group}}
{{Multiple issues|
{{Prose|date=January 2018}}
{{COI|date=December 2020}}
}}
{{Infobox company
| name = Mirae Asset Financial Group
| logo = File:Mirae Asset Logo.svg
| type = [[Privately held company|Private]]
| industry = [[Financial services]]
| foundation = {{start date and age|1997}}
| founder = [[Park Hyeon-Joo]]
| location = [[Seoul]], South Korea
| aum = {{increase}} [[US$]]548 [[billion]] (2023)<ref>{{cite web|url=https://www.am.miraeasset.com/about-us/|title=Total AUM|website=www.am.miraeasset.com|date=31 March 2023}}</ref>
| products = {{ubl|[[Asset management]] | [[Risk management]] | [[Investment management]] | [[Wealth management]] | [[Investment banking]] | [[Life insurance]] | [[Mutual fund]]s | [[Exchange-traded fund]]s | [[Index fund]]s }}
| homepage = {{URL|http://www.miraeasset.com}}
| image = DWJ 7665.jpg
}}
'''Mirae Asset Financial Group''' ({{langx|ko|미래에셋금융그룹}}) is a South Korean [[Multinational corporation|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 [[Park Hyeon-joo|Hyeon Joo Park]] in 1997 and introduced the 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]] 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".<ref>{{Cite web |last=Kim |first=Jae-won |url=https://www.koreatimes.co.kr/www/tech/2019/09/693_56955.html |title=Harvard Business School to Study Mirae Asset Group |date=2009-12-09 |website=[[The Korea Times]] |access-date=2019-09-30}}</ref><ref>{{Cite journal |last1=Khaire |first1=Mukti |last2=Chen |first2=Michael Shih-ta |last3=Donovan |first3=G. A. |date=June 2011 |edition=Revised |title=Mirae Asset: Korea's Mutual Fund Pioneer |url=https://www.hbs.edu/faculty/Pages/item.aspx?num=38601 |publisher=Harvard Business School |id=Case No. 810-123 }}</ref> [[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.<ref>{{Cite journal |last1=Kim |first1=Youngjin |last2=Kim |first2=Soo-Wook |date=2017-07-24 |title=Mirae Asset: A Disruptive Innovator in the Korean Financial Industry |url=https://www.thecasecentre.org/main/products/view?id=145054 |publisher=Graduate School of Business, Seoul National University |id=Reference no. SNU-17-02}}</ref>
==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.<ref>{{Cite web|url=https://www.asiaasset.com/15th2010_mirae.aspx|title=Mirae Asset's focus on global emerging markets - Asia Asset Management - The Journal of Investments & Pensions|website=www.asiaasset.com|access-date=2019-03-26}}</ref>
=== 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 affiliate of [[SK Group]]
* 2005.06 Acquired SK Life Insurance, an affiliate of [[SK Group]]<ref>{{Cite web|url=http://www.asiainsurancereview.com/News/View-NewsLetter-Article?id=3238&Type=eDaily|title=South Korea: Mirae Asset Buys SK Life|website=Asia Insurance Review|language=en-US|access-date=2019-03-26}}</ref><ref>{{Cite web|url=https://www.scotsman.com/business/companies/financial/mirae-eyes-bid-to-keep-sk-life-in-korean-hands-1-1052614|title=Mirae eyes bid to keep SK Life in Korean hands|website=www.scotsman.com|language=en|access-date=2019-03-26}}</ref>
* 2011.11 Acquired [[Horizons ETFs]],<ref>{{Cite web|url=https://www.businesswire.com/news/home/20111114006708/en/Mirae-Asset-Completes-Acquisition-85-Stake-Horizons|title=Mirae Asset Completes Acquisition of 85% Stake in Horizons ETFs|date=2011-11-14|website=www.businesswire.com|language=en|access-date=2019-03-26}}</ref> 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]]<ref>{{Cite web|url=https://nexchange.com/article/9228|title=Mirae's Park Hyeon-joo to take control of Daewoo Securities {{!}} NexChange|last=NexChange|website=nexchange.com|access-date=2019-03-26}}</ref><ref>{{Cite web|url=https://www.spglobal.com/marketintelligence/en/news-insights/trending/u8sawm0blz9dtt1-x__xrw2|title=Mirae Asset Daewoo, Mirae Asset Securities complete merger|website=www.spglobal.com|language=en-us|access-date=2019-03-26}}</ref><ref>{{Cite web |url=https://www.ftse.com/products/index-notices/home/getnotice/?id=1904884 |title=Archived copy |access-date=2019-09-30 |archive-date=2019-03-27 |archive-url=https://web.archive.org/web/20190327092137/https://www.ftse.com/products/index-notices/home/getnotice/?id=1904884 |url-status=dead }}</ref><ref>{{Cite web|url=https://www.ftse.com/products/index-notices/home/getnotice/?id=1904884|title=Mirae Asset Daewoo (Korea): Merger with Mirae Asset Securities (Korea) Changes in FTSE4Good Index Series|date=12 December 2016|website=FTSE}}</ref><ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2016-01-25/mirae-asset-buy-2-billion-stake-in-daewoo-securities|title=Bloomberg - Mirae Asset Buy $2 Billion Stake in Daewoo Securities|last=|first=|date=25 January 2016|newspaper=Bloomberg.com|access-date=2019-09-30}}</ref>
* 2016.12 Acquired KDB asset management company,<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=320672126|website=www.bloomberg.com|access-date=2019-03-26|title=Stocks }}</ref> formerly owned by [[Korea Development Bank]]
* 2017.07 Invested Vietnamese life insurance company, PRÉVOIR<ref>{{Cite news|url=https://www.reuters.com/article/vietnam-insurance-deals-idUSL3N1JW30J|title=S.Korea's Mirae invests $48.4 mln in Vietnamese insurance firm|date=2017-07-05|work=Reuters|access-date=2019-03-26|language=en}}</ref>
* 2017.12 Acquired Korea-based PCA Life Insurance<ref>{{Cite news|url=https://www.reuters.com/article/brief-mirae-asset-life-insurance-to-merg-idUSL3N1JN1KB|title=BRIEF-MIRAE ASSET Life Insurance to merge with PCA Life Insurance|date=2017-06-26|work=Reuters|access-date=2019-03-26|language=en}}</ref><ref>{{Cite web|url=https://pulsenews.co.kr/view.php?year=2017&no=846897|title=Mirae Asset Life's acquisition of PCA Life clears regulatory hurdle - Pulse by Maeil Business News Korea|website=pulsenews.co.kr|language=ko|access-date=2019-03-26}}</ref>
* 2018.07 Acquired [[Global X ETFs|Global X]],<ref>{{Cite web|url=http://www.koreaherald.com/view.php?ud=20180828000643|title=Mirae Asset secures foothold in overseas ETF business|date=2018-08-28|website=[[The Korea Herald]]|language=en|access-date=2019-03-26}}</ref> 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.<ref>{{Cite web|url=http://www.koreaherald.com/view.php?ud=20190326000553|title=Mirae Asset to expand presence in Asia: founder says in letter to employees|date=2019-03-26|website=[[The Korea Herald]]|language=en|access-date=2019-03-28}}</ref><ref>{{Cite web|url=https://pulsenews.co.kr/view.php?year=2019&no=178947|title=Korea's Mirae Asset Group to enter Japan for bigger global outreach - Pulse by Maeil Business News Korea|website=pulsenews.co.kr|language=ko|access-date=2019-03-28}}</ref>
== 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'''
[[Mirae Asset Securities]] offers services including brokerage service, wealth management, investment banking, and sales & trading. It is listed on [[KOSPI]].<ref>{{Cite web|url=https://www.bloomberg.com/quote/006800:KS|title=Bloomberg - Stock Quotes|last=|first=|date=|website=www.bloomberg.com|access-date=2019-09-30}}</ref>
'''Mirae Asset Life Insurance'''
Mirae Asset Life Insurance offers life insurance, investment-linked insurance, financial consulting and retirement planning services. It is listed on [[KOSPI]] since July 2015.<ref>{{Cite news|url=https://www.reuters.com/article/mirae-asset-life-ipo/s-koreas-mirae-asset-life-insurance-to-raise-307-mln-in-july-ipo-idUSL3N0ZB2ZC20150625|title=S.Korea's Mirae Asset Life Insurance to raise $307 mln in July IPO|agency=Reuters Editorial|work=U.S.|access-date=2019-09-30|language=en-US}}</ref>
'''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]] since March 2019.<ref>{{Cite web|url=http://english.etnews.com/20190228200001|title=Many Major South Korean Companies Expected to Go Public in March|last=www.etnews.com|date=2019-02-28|website=대한민국 IT포털의 중심! 이티뉴스|access-date=2019-09-30}}</ref>
==See also==
* [[Economy of South Korea]]
==References==
{{Reflist}}
==External links==
* {{Official website|https://global.miraeasset.com/}}
{{Chaebol}}
{{KLIA}}
{{Major asset management companies}}
[[Category:Companies based in Seoul]]
[[Category:South Korean companies established in 1997]]
[[Category:Financial services companies established in 1997]]
[[Category:Insurance companies of South Korea]]
[[Category:Investment management companies of South Korea]]
[[Category:Exchange-traded funds]]
[[Category:Life insurance companies]]
[[Category:Private equity firms of Asia-Pacific]]