Korea's Mirae Asset Group eyes ETFs for India from global basket

NEW DELHI: South Korea's Mirae Asset Group is evaluating the possibility of launching global Exchange Traded Fund ( ETF) products in India, a top company official said today.

"0n the global platform, we are extensively expanding our ETF platform. Our Korean company has acquired a majority stake in Horizon family of ETFs in Canada. We have also launched the Tiger ETF series which is listed on the Korean and Hong Kong Exchange. We are evaluating launching global products here in India based on global offerings," Jisang Yoo, CEO, Mirae Global Investments India told.

Established in November 2006, Mirae Global Investments India is the investment manager to Mirae Asset Mutual Fund, which manages over Rs 500 crore assets in international stock funds, diversified equity funds, debt and money market schemes.

On plans to tap Qualified Foreign Investor (QFI) flows, Mirae said it plans to use its distribution muscle in the Asia-Pacific market to pursue growth opportunities.

"If we launch a domestic fund and introduce it to other markets, it will turn out to be a very attractive proposition to them. A 7-8 per cent return from fixed income funds is attractive for investors in Japan, Korea and Hong Kong. We will also approach QFIs with our strong equity funds," said Yoo.

Over last couple of years, Mirae Asset Group has purchased four mutual fund firms based in Taiwan, Canada and Australia, bolstering its interest in inorganic growth.

Mirae Asset Global Investments Group is one of Asia's largest independent financial services groups.