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South Korea’s Mirae Asset, SCIC undertake joint venture

February 13, 2018

Mirae Asset Management will acquire an entire stake in Tin Phat Management Fund Joint Stock Company and issue shares worth some 30 per cent of its total holding to SCIC’s investment arm SIC at a later date to form a joint venture. — Photo theinvestor.co.kr Mirae Asset Management on Monday signed a joint venture agreement with an investment arm of Viet Nam’s State Capital Investment Corporation (SCIC) to form a management fund. The asset management unit of Mirae Asset Financial Group is the first South Korean asset management company to form a legal entity in Viet Nam instead of opening a branch to acquire stakes in local companies. According to a statement, Mirae Asset Management will acquire an entire stake in Tin Phat Management Fund Joint Stock Company and issue shares worth some 30 per cent of its total holding to SCIC’s investment arm SIC at a later date to form a joint venture. “The joint venture will serve as our forward base in the Southeast Asian market. We will actively cooperate with SCIC by sharing our know-how in the global market,” Mirae Asset Financial Group’s chairman Park Hyeon-joo said in a statement. The company plans to introduce new funds…

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