Korean Mirae Asset set for Indian debut

South Korean major Mirae Asset, which is set to enter the domestic mutual fund business soon, is aiming to become a full-service financial company in India by diversifying into other areas such as stock broking, life insurance and the alternative space of private equity and real estate fund.

"We are betting big on India as growth opportunities are high. We will emerge as a full-service firm in India. We will look at diversifying into other businesses such as stock broking, private equity, real estate and life insurance," said Arindam Ghosh, head of Asia-Pacific (regional business development), Mirae Asset Global Investment Management.

The Korean major, which manages seven India-dedicated funds worth about $1billion through the FII route, is adopting a step-by-step strategy regarding its India operations. Initially, it will look at the mutual funds business.

Ghosh said Mirae Asset was awaiting the regulatory approval for the AMC business. The Korean group manages assets worth $60 billion across all its businesses in its home country, of which the AMC business is worth $30 billion.

The company plans to set up a wholly owned subsidiary; and will not rope in a partner. It hopes to launch the first product by the fourth quarter of this year.

The company's 12,000 sq ft office will be located at the Central Business District in Mumbai. Mirae Asset plans to have centres in all the metros in the country. "We will enter into a strategic partnership with banks and corporates for distribution of our products and also tap the post offices,"Ghosh added.