Mirae Asset enters PE, investment banking and broking biz

Mumbai, Jan 11 (PTI) As part of ramping up itspresence in the country, Mirae Asset Global Investments todaysaid it is entering into private equity (PE), investmentbanking and broking businesses."We believe 2018 is going to be a landmark year forour organization as we are scouting for private venture/equityinvestments in India and setting up investment banking andbroking business through Mirae Asset Capital Market India PvtLtd," Mirae Asset Global Investments (India) CEO SwarupMohanty told reporters here.Mirae Asset will launch a short-term fund in February2018. For the remaining part of the year, they will launchhybrid 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, itis also expected to apply to SEBI for an AIF in Q2 2018, whichwill invest in private debt across the credit opportunitiesspectrum, mostly focusing on higher grade projects or entitiesas well as undertake venture debt investments, which is anemerging opportunity, he added.The mutual fund has completed over nine years inIndia and its AUM crossed Rs 15,000 crore as on January 10, agrowth of more than 100 per cent this calendar year.Mirae Asset has also witnessed a significant surge inthe number of new clients with the investor folios crossing800,000, including close to 470,000 SIP investors, it said.The SIP flows have also grown from Rs 29 crore inMarch'16 to monthly inflows of Rs 200 crore in December'17.Mirae Asset (India) also provides Advisory Services toHong Kong office for equity investments and Korea office forboth equity and debt investments.Last year Mirae Asset India along with Mirae Asset HKoffice successfully launched India offshore fund Mirae AssetIndia Midcap Equity Fund, which has gathered USD 450 millionin assets in December 2017.Commenting on the equity outlook, Mirae Asset CIOequities Neelesh Surana said, the Indian equity markets arereasonably priced. The mutual funds have made an investment ofRs 2 lakh crore in CY 2017 and buoyancy may continue in CY2018.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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