Mirae Asset Global Investments recently commenced operations since the completion of its merger with Mirae Asset MAPS Global Investments, its sister company specialized in alternative investments. 

Mirae Asset Global Investments, led by Vice Chairman Koo Jae-sang, 45, has become an undisputed powerhouse in the nation’s asset management industry with more than 56 trillion won under its management.

The Financial Securities Commission granted approval for the merger on March 7, with the official date scheduled for March 26. The assets under management of the overall group now stand at over $54 billion with a considerably more diversified product mix: 41 percent equity funds, 36 percent fixed income and balanced funds, 10 percent in global assets (outside of Korea), and 7 percent real estate funds & private equity funds. 

The combined entity has 12 global offices located in Hong Kong, Brazil, India, the UK, the United States, Canada, Vietnam, Taiwan, Indonesia °™ where they are expected to complete an acquisition in the second half of the year, Australia, China, and Korea. 

After the merger, Mirae Asset Global Investments will become the largest asset manager in the asset class categories of equity, balance, real estate, and PEF in Korea and will remain the largest mutual fund manager in Korea. 

Mirae Asset Global Investments plans to continue to provide its clients with competitive products that utilize the active management and research capacity of Mirae Asset Global Investments, and the financial engineering and index fund know-how of Mirae Asset MAPS Global Investments. 

Since its inception, Mirae Asset MAPS Global Investments has positioned itself as the leading AI specialist in Korea. The PEF division acquired Acushnet, the manufacturer of Titleist, Footjoy, and Scotty Cameron golf equipment in 2011. The current global asset value of the Real Estate Division totals $8 billion, with landmark assets spread across the globe. 

Park Hyeon-Joo, Chairman and Founder of Mirae Asset Financial Group, said, “We are extremely excited with this merger, which will create great synergies for Mirae Asset Global Investments. We will seek to leverage the power of Mirae Asset MAPS as an innovative leader within the alternative investment industry, and we will continue to introduce creative and more diversified emerging market products to our global clients. ”

“This merger not only helps to provide better diversification for our clients, but also creates enhanced stability for our business. In the world of finance, controlled by such juggernauts as Goldman Sachs and Nomura Securities, Mirae Asset Financial Group is trying to throw down the gauntlet.” 

So far, Park, one of the best-known self-made men in the Korean financial sector, is making modest advances not in New York or London, but on the periphery of the global financial map. 

This isn’t to suggest he is satisfied with being in the minor leagues. On the contrary, he travels widely, with the United States and European cities often on his itinerary. 

Park, already having built his financial empire, is determined to expand outside Korea. Park’s determination is often noted by market watchers to be his biggest asset. 

Already, Mirae’s private equity fund has acquired Titleist, the U.S. golf ball maker, with more financial deals being cut under Park’s leadership. 

“Park’s long-term vision is being fleshed out,” Park’s aide said. 

Mirae’s strategy is to branch out its asset management arm first and expand the rest of the business including the brokerage house on that foundation.