Reaserch

From 2008 shock to fastest-growing AMC: how Mirae Asset survived and thrived in the Indian market


From left, Swarup Mohanty, CEO, Mirae Asset Global Investments (India) Pvt Ltd Neelesh Surana, CIO, Mirae Asset (illustration by Manali Ghosh)

Synopsis

In 2014, when most foreign giants were exiting India, South Korea’s Mirae Asset began its journey to profitability. Its equity AUM growth has vastly outperformed the broader industry and the AMC is now training eyes on other products, including fixed-income and passive funds. It has just got an NBFC licence, too. Can Mirae maintain its performance?

The year was 2014. Despite the sharp run-up in the equity market and improving long-term prospects, three foreign firms — Morgan Stanley, ING Mutual Fund, and PineBridge — shut their mutual-fund (MF) business in India. Soon, Goldman Sachs followed suit and sold its MF business to Reliance Capital.While many foreign giants were exiting India, the same year, one foreign asset-management company (AMC) began its journey to profitability.South

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