Mirae Asset Global Group, South Korea’s largest fund manager, yesterday celebrated the inauguration of its joint venture with Taiwan Life Insurance Co (台灣人壽).
The joint venture, Mirae Asset Global Taiwan (未來資產), in which the Korean partner owns 60 percent shares, aims to locate long-term investment opportunities in Taiwan, Ralph Chen (陳卓介), chairman of the local unit, said at a press conference.
Taiwan Life inked an agreement in May to sell its controlling stake in TLG Asset Management Co (台壽保投信) to Mirae Asset at NT$15 per share, a deal valued at NT$303.3 million (US$10.54 million).
Mirae Asset CEO Kim Gyung-rok said there remains ample room for growth in the local asset management market in light of Taiwan’s high banking savings, which totaled US$800 billion last year.
However, pension accounts amount only to US$59 billion, providing great business potential for retirement products, Kim said.
Mirae Asset, created in 1997 and headquartered in Seoul, seeks to differentiate itself from its rivals by specializing in emerging markets, Kim said.
Total assets under management equal US$52.6 billion with equity funds sized at US$27.1 billion, or 52 percent, company data showed.
John Yang, head of Mirae Asset’s strategy and planning division, said the new fund manager will launch more onshore funds as part of the plan to groom local talent.