Mirae Asset Global Investments is the latest to receive an investment management wholly foreign-owned enterprise (IM WFOE) licence. The firm now has to roll out at least one private fund product in the next six months.
FSA sought more information from Mirae Asset, but the firm was not able to comment in time for publication.
Mirae Asset also has a qualified domestic limited partnership (QDLP) licence, which the firm secured in August. A QDLP licence allows foreign managers to raise money domestically to invest in offshore traditional and alternative investments, including overseas equity and bond funds, hedge funds and real estate, within allocated quotas.
The firm has not yet announced whether it has launched a QDLP product. Nomura Asset Management was the latest to launch a QDLP product, which is a Japan-focused fund.
Mirae Asset joins only a handful of firms that have a “dual-track” strategy, in which their WFOEs both have the PFM and QDLP businesses. These firms include Blackrock, UBS Asset Management, Aberdeen Standard Investments, AMG, Man Investments, Neuberger Berman and Value Partners, according to data from Z-Ben Advisors.