Mirae Asset Daewoo Securities said April 21 that it has started to sell a dividend premium fund which invests 70 percent of its portfolio in dividend stocks and preferred stocks, seeking to gain stable returns.
The brokerage house said that the Mirae Asset Dividend Premium Fund invests the remaining 30 percent in short-term bonds, aiming for yields from them. The fund also obtains premiums by selling call options regularly. The fund posted an 8.3 percent profitability rate last year, gaining returns from stocks, dividends, bond yields and option premiums. The fund is also tax free in returns from stocks and call option premiums.
"The fund provides a good opportunity to accumulate wealth because it offers stable returns and is tax free in part of its returns," said Kim Kyung-shik, a manager at Mirae Asset Daewoo, in a statement. "It is the best fund, as the nation's stock market is expected to boom continuously."
KOSPI, the benchmark stock index of the country, has risen 5 percent to 2,011.36 on Tuesday from 1,916.24 two months ago, as the global financial markets have stabilized and sentiment for consumption has increased. For more information, visit outlets of Mirae Asset Daewoo or call its customer center at 1644-3322.
Chairman Park Hyeon-joo of Mirae Asset Management will take charge of the merger of Daewoo Securities and Mirae Asset Securities, especially when it comes to such key areas as personnel, organization and management principles, he said in a recent interview.
The two securities firms will be a key affiliate of Mirae Asset Group, and will be so important that they will determine the future of the group, he said during the interview, adding that he will take charge of the merged securities firm until it is on the right track. Mirae Asset Group took over Daewoo Securities in an open bidding at the end of last year. Its winning bid amounted to 2.45 trillion won for a 43 percent stake in the securities firm.
Mirae Asset Daewoo Securities is the largest brokerage in the industry in Korea, with 7.75 trillion won in equity capital and 4,856 employees, according to Korea Financial Investment Association data. The integrated firm will manage 210 trillion won in investment funds.
Park pledged that he will make the new securities firm born from the merger the premier securities and investment firm in Asia, and it will catch up with the likes of Merrill Lynch and Morgan Stanley. He also pledged that he will promote 10 female officers to director-level officials within a year.
Mirae Asset Financial Group should bring the organization, management and process to a global standard, Chairman Park Hyeon-joo said in his New Year’s address. “We plan to set up a global investment bank center to significantly expand investments in venture capital as well as in private equity funds, real estate and social overhead capital (SOC) to become a market leader.”
Chairman Park also unveiled a plan to open a global trading room inside the financial group’s building so that young and talented individuals can build their own financial experiences and grow as a global player. The trading room will open on a 1,000-pyong (3,300-square meter) site on the 35th floor of Mirae Asset’s Center One 1 building in central Seoul.
“Our core competence lies in allocating global assets through funds,” Park added, vowing to support its branches with strong global research that will allow more efficient and active trading with global markets in Japan, the United States and China.
Mirae Asset did not specify when Park will take office as chairman of Daewoo Securities, but insiders speculate the inauguration may take place as early as this week just after completing the payment of M&A costs.
Initially, local media outlets reported Choi Hyun-man, senior vice chairman and CEO of Mirae Asset Life Insurance, was discussed internally to become Daewoo’s head. But Mirae Asset confirmed that Choi will remain to head the group’s insurance unit.
The leadership may change after the merged firm launches later in the year, with an undecided number of CEOs joining to take charge of divisions, as existing Mirae Asset affiliates do, a Mirae Asset representative said.
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