Mirae Asset Global Investments, the international arm of South Korea’s Mirae Asset, is making a new push towards global investors after recently promoting Ashley Dale to chief marketing officer.
Most of the firm’s $57 billion in assets is Korean institutional and retail money, but the firm is keen to expand its investor base and plans to add staff in Hong Kong and Europe in the coming months, Dale tells AsianInvestor.
“European investors are traditionally keen on global emerging markets, particularly in Asia. And now they’re looking for alternatives because interest rates are so low,” he says. “Asia is still a strong story in Europe, especially for Asian equities. [As such] we’re being more aggressive in terms of sales and marketing, and we’ll increase our staff and resources to accommodate growing demand.”
The firm has seen an uptick in interest from European institutions in particular seeking to diversify assets in a low-yield environment, noting an improved appetite for Asian emerging markets, and will approach investors in Luxembourg, the UK, Germany, Switzerland, Austria, Finland and Sweden, among others.
As such, Dale, based in Hong Kong, is making a trip to Europe next week as the Korean firm evaluates how many staff to add. He declined to offer specific numbers for how many sales and marketing employees Mirae Asset will hire.
Meanwhile, addition, Mirae Asset plans to launch two ETFs in June on the Hong Kong Stock Exchange, one tracking the MSCI China Index and the second the Hang Seng High Dividend Yield Index.
The firm, which boasts 130 ETFs worldwide, has the highest number of ETFs listed in Korea at 47, ahead of Samsung Asset Management’s 28, although Samsung has more AUM and trading volume.
Mirae Asset's push for global institutional assets outside of Korea is mostly based on performance. The firm’s flagship Mirae Asset Asia Great Consumer Equity Fund, overseen by fund manager Joo Hee An in Hong Kong, returned 27.3% against the MSCI AC Asia ex-Japan Index’s 22.7%, making it an ideal time to meet with investors.
“Track record is everything,” Dale says, although adds that expanding the firm’s investor-base will “not happen overnight”.
Mirae Asset's consumer fund invests in equities and equity-related securities of Asian ex-Japan companies expected to benefit from growing consumption in the region.
Dale joined Mirae in 2009 in London and held several roles in the UK equity sales business before relocating to Hong Kong in 2010. He was global head of sales at Mirae Asset Securities, its securities business, before his latest appointment as CMO, a role in which he will oversee Mirae’s sales and marketing operations in Asia-Pacific, Europe and the Middle East.
Mirae Asset could not confirm whether his role at the securities business had been filled.
He previously worked at Morgan Dale Capital, GLS Capital Partners, SG Securities and ING Baring Securities. Dale served in the British Army’s Third Royal Tank Regiment for six years, serving in Northern Ireland, Germany and Canada.
Martyn Gilbey previously held the title CMO in Hong Kong before relocating to the firm’s London office in early 2012 and exiting Mirae in August.