The Seoul-headquartered firm will acquire a full stake in Tin Phat Management Fund and issue shares worth 30% of its total holdings to SCIC’s subsidiary SIC to form the joint venture, according to a Vietnamnet report.
SCIC is a state-owned investment fund that invests in state enterprises.
After the acquisition is completed, Mirae Asset will become the first Korean manager to set up an investment management entity in Vietnam.
Mirae Asset has had a presence in Vietnam since 2006 via its representative office, which offers fund management advisory services to South Korean and Vietnamese clients, according to the report.
The joint venture will serve as the firm’s “forward base” in the Southeast Asian market, according to the report, quoting Park Hyeon-joo, chairman of Mirae Asset Financial. “We will actively cooperate with SCIC by sharing our know-how in the global market,” he said.
With the establishment of the new joint venture, Mirae plans to introduce new funds in the country, according to a Pulse report. They include alternative investment offerings in real estate and infrastructure, the report said.
Earlier this month, Mirae Asset announced the acquisition of US-based ETF provider Global X, which manages $10bn in AUM.
