Mirae Asset Group to foray into PE, investment banking and broking biz

At a time when foreign brokerages are struggling and shutting shop in India, South Korea’s Mirae Asset, which already has a mutual fund in India, is planning to enter the broking business.

It is also going to have verticals dedicated to private equity and investment banking.

Mirae Asset Group scouting for private venture/equity investments in India and is setting up investment banking and broking business through Mirae Asset Capital Market India Pvt. Ltd.

Swarup Mohanty, Chief Executive Officer, Mirae Asset Global Investments (India) said, ” We are looking at Mirae Asset Capital Markets coming out here and establishing itself in India. We will be applying for the license soon.”

Mohanty was speaking at Mirae Asset press meet held in Mumbai to discuss business plans and outlook 2018.

He said that the SEBI Circular on scheme categorisation have opened up opportunities for them to selectively launch new products, in the coming years.

Consequently, Mirae Asset is planning to launch a Mirae Asset Short Term Bond Fund towards the end of February 2018.

For the remaining part of the year, the company will launch Hybrid Funds like Equity Savings Fund and an Arbitrage Fund.

Mirae Asset is also looking at launching passive investment products like exchange traded funds this year and is also going to apply with SEBI for an Alternative Investment Fund, slated for the second quarter of 2018.

AIF will invest in private debt across the credit opportunities spectrum, mostly focusing on higher grade projects or entities as well as undertake venture debt investments, which is an emerging opportunity given limited presence of venture debt providers in India.