As part of ramping up its presence in the country, Mirae Asset Global Investments today said it is entering into private equity (PE), investment banking and broking businesses.
"We believe 2018 is going to be a landmark year for our organization as we are scouting for private venture/equity investments in India and setting up investment banking and broking business through Mirae Asset Capital Market India Pvt Ltd," Mirae Asset Global Investments (India) CEO Swarup Mohanty told reporters here.
Mirae Asset will launch a short-term fund in February 2018. For the remaining part of the year, they will launch hybrid funds like equity savings fund and an arbitrage fund. "We are also looking at launching passive investment products (ETFs) in 2018," Mohanty said.
Elaborating future plans in the country he added, it is also expected to apply to SEBI for an AIF in Q2 2018, which 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, he added.
The mutual fund has completed over nine years in India and its AUM crossed Rs 15,000 crore as on January 10, a growth of more than 100 per cent this calendar year.
Mirae Asset has also witnessed a significant surge in the number of new clients with the investor folios crossing 800,000, including close to 470,000 SIP investors, it said.
The SIP flows have also grown from Rs 29 crore in March'16 to monthly inflows of Rs 200 crore in December'17.
Mirae Asset (India) also provides Advisory Services to Hong Kong office for equity investments and Korea office for both equity and debt investments.
Last year Mirae Asset India along with Mirae Asset HK office successfully launched India offshore fund Mirae Asset India Midcap Equity Fund, which has gathered USD 450 million in assets in December 2017.
Commenting on the equity outlook, Mirae Asset CIO equities Neelesh Surana said, the Indian equity markets are reasonably priced. The mutual funds have made an investment of Rs 2 lakh crore in CY 2017 and buoyancy may continue in CY 2018.
Mirae Asset Global Investments (India) is a wholly-owned subsidiary of the Mirae Asset Financial Group headquartered in South Korea, which has business interest in life insurance, securities and investment and venture capital across the world.
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