Founded in 1997 and headquartered in South Korea, Mirae Asset Global Investments is a powerhouse in the global financial services space. Operating across 16 countries in the Americas, Asia, and Europe, Mirae Asset delivers various investment solutions, including asset management, wealth management, and alternative investments. As of June 2024, the company manages over $257 billion in assets, leveraging equities, fixed income, ETFs, private equity, and real estate strategies. At its core, Mirae Asset is built on a philosophy that fosters long-term value, meticulous risk management, and the pursuit of sustainable, high-quality returns.
Mirae Asset Investment Managers (India) Pvt. Ltd., a subsidiary launched in 2007 and based in Mumbai, has rapidly gained industry recognition for its stellar performance in the mutual fund space. Offering a diverse lineup of products—equity, debt, hybrid funds, and ETFs—the company serves both individual and institutional investors. Its reputation is built on a research-driven, disciplined approach that strikes a fine balance between risk and reward. Thanks to its relentless focus on investor education and innovation, Mirae Asset India has skyrocketed to become one of the fastest-growing mutual fund houses in the country.
In an exclusive interaction with The Interview World, Swarup Mohanty, Vice Chairman and CEO of Mirae Asset Investment Managers (India) Pvt. Ltd., offers a deep dive into what sets the company apart in a fiercely competitive market. He shines a spotlight on the exceptional performance of business clients, provides a breakdown of asset distribution, and shares his forward-thinking vision for the next 5 to 10 years. Alongside, he walks us through key milestones that have driven the company’s impressive growth. Here’s what you need to know from this insightful conversation.
Q: Could you provide insights into Mirae Asset’s offerings and explain the key ways in which your offerings stand out in the competitive market?
A: In the global financial landscape, you find two kinds of players: those who enter the mutual fund space as a side venture, and those for whom it’s the beating heart of their business. For us, mutual funds are at the very core of what we do. Yes, we’ve diversified into other areas, but this remains our foundation and focus on a global scale.
In India, our story began the same way, and we’re thrilled with how it’s played out. There’s an incredible sense of pride knowing that a Korean mutual fund company has earned the trust of nearly 7 million retail investors here. It’s a milestone we never imagined, but one we’re humbled to achieve. Now, the real work is to keep building on that trust while delivering a rock-solid track record for our investors.
While we’re pleased with the growth we’ve achieved in our 16 years in India, it’s clear that the road ahead requires a fresh approach. The market is shifting—new products, changing demographics. Reaching the next generation of investors, with their evolving risk profiles, is a challenge we must meet head-on. The only way forward is to create bold, differentiated products. And that’s exactly what we’re committed to doing.
Q: As a provider of services to both businesses and retailers, how are your business customers performing, and what trends are you seeing in their growth?
A: We’re experiencing impressive growth in our business customer segment. Historically, our clients have primarily focused on debt instruments, but we’re now seeing a surge in interest on the ETF front as well. Our funds have excelled in both categories.
In just three years, our debt assets have skyrocketed from around ₹5,000-6,000 crores to astounding ₹22,000-24,000 crores. Meanwhile, our ETF assets have jumped from roughly ₹1,200 crores to an impressive ₹12,000 crores.
As we look ahead, we are committed to creating innovative products to serve institutional and retail investors. The momentum is strong, and we’re ready to capitalize on it.
Q: Can you provide a detailed breakdown of the asset distribution within Mirae Asset across different asset classes?
A: Seventy-six percent of our revenue comes from distributors because we know this business thrives on sound advice. Sure, you can go it alone, and there’s nothing wrong with that. But the art of portfolio creation is best left to professionals—distributors and advisors who understand the nuances. We’d much rather hear “yes, this is a solid choice” from a trusted expert than convince ourselves that our judgment alone is enough. That’s why we are unwavering in our commitment to the advisory side of this business.
Q: What is your long-term vision for Mirae Asset over the next 5 to 10 years, and how do you plan to adapt to evolving market trends and challenges?
A: At its core, this is a fiduciary business. We’re honored to manage other people’s hard-earned money, and we take that responsibility seriously. Our mission is to operate within the bounds of the law while maintaining a transparent, ethical business. As we build our track record of success, more investors will naturally be drawn to us.
This vision is refreshingly simple. Our business model is designed to be straightforward, and we’re committed to making it even simpler moving forward.
Some may label our industry as boring, but that’s precisely the challenge we embrace—making it consistently uneventful. Ultimately, our top priority is to earn and keep our clients’ trust. If we can cultivate that trust over the next 20 to 30 years, the success of our business will follow as a natural consequence.
Q: Does Mirae Asset have specific targets or milestones for growth in the coming years?
A: Our main focus is to uphold our fiduciary responsibility. I’m incredibly fortunate to be part of a company where this commitment starts at the promoter level. The numbers will take care of themselves. If, after 16 years, we reach ₹2 lakh crores without a single regulatory breach, that’s a testament to our dedication to fiduciary integrity. Sure, we monitor our numbers, but we believe they will naturally flow from our fund performance and our steadfast commitment to maintaining a genuinely fiduciary business.
