Korean financial firms boost presence in India
Brokerage houses and investment firms in Korea are increasingly turning to India to capitalize on its rapidly growing economy, which is expanding by more than 7 percent annually, as well as its large population of 1.4 billion.
India is anticipated to become the world’s third-largest economy after the United States and China within the next three years, according to multiple reports in Seoul and around the world.
In particular, the country is considered as an alternative sourcing hub in the global supply chain shift from China in the middle of a heightened Sino-American trade war.
Under the circumstances, Mirae Asset Securities became the first Korean brokerage house to set foot in India in 2018.
In April 2022, the company launched its m.Stock online trading platform to expand to retail operations in India.
With the platform, the Seoul-headquartered firm runs 1 million retail customer accounts, climbing to the eighth position among local online brokers.
Mirae Asset Securities also acquired a 100 percent stake in Sharekhan Limited, India’s eighth-largest stockbroker, in December 2023.
The company said it wants to sustain its growth in India through Sharekhan’s more than 130 branch offices and business network spanning some 4,000 partners.
An affiliate of Mirae Asset Financial Group, Mirae Asset Securities accordingly aims to become one of India’s top five companies in the industry within the next five years.
Mirae Asset Global Investments, another group subsidiary, set up an 카지노 office for a corporate entity in Mumbai’s financial district in 2006.
Since then, it has expanded to other non-banking businesses, including venture capital.
It now runs 56 funds that are worth approximately 25 trillion won ($18.5 billion), standing as India’s ninth-largest asset management firm.
In January, NH Absolute Return Partners, a Singapore-based asset management company owned by NH Investment & Securities, formed a partnership with Lighthouse Canton.
Headquartered in Singapore, Lighthouse Canton has $3.5 billion in assets and runs offices in major Indian cities such as New Delhi, Mumbai and Hyderabad.
Operated under the wing of the Ministry of Economy and Finance, Korea Investment Corp. (KIC) opened its fifth overseas office in Mumbai in April.
The KIC, a state-run sovereign wealth fund, said it looks forward to exploring quality investment opportunities in alternative assets, including venture capital, real estate and infrastructure.
As of 2023, the KIC’s total assets under management (AUM) were valued at $189.4 billion.
The company wants to invest more than 25 percent of its AUM in alternative assets by 2025, up from the current 22 percent.