SEOUL, April 2 (AJP) - South Korea’s largest financial services conglomerate, Mirae Asset Financial Group, is further solidifying its international presence, and its continued expansion underscores its ambitions to become a dominant force in global finance.
Long before Tesla CEO Elon Musk became a close advisor to U.S. President Donald Trump, Mirae Asset had already demonstrated remarkable foresight by investing 740 billion won (approximately $504 million) in Musk’s ventures, including SpaceX and X (formerly Twitter), between 2022 and 2023.
This bet has proven prescient. As of late 2024, SpaceX’s valuation soared to approximately $350 billion, up from $140 billion in December 2022, according to Bloomberg.
Mirae Asset’s strategic investments extend well beyond the technology sector.
The firm has reaped significant returns from its alternative assets, particularly luxury hotels. The value of the Four Seasons Hotel Sydney appreciated by 79.3 percent as of September 2024, marking a significant increase from its initial investment in 2013.
Likewise, the firm’s acquisition of the Fairmont Orchid in Hawaii in 2015 for 240 billion won has seen a 68.9 percent appreciation, further diversifying Mirae Asset’s global portfolio.
At the helm of these strategic moves is Chairman Park Hyeon-joo, who founded Mirae Asset in 1997 and has remained a driving force in its evolution.
He pioneered South Korea’s first investment advisory system and introduced the country’s first mutual fund in December 1998. By launching open-end funds, Mirae Asset led a fundamental shift from savings-based financial products to investment-driven wealth management.
The firm has faced its share of challenges, including the 2008 Lehman Brothers bankruptcy, but has consistently responded with bold expansion strategies.
It acquired key domestic firms, including KDB Daewoo Securities and KDB Asset Management, strengthening its position in South Korea.
Internationally, Mirae Asset has aggressively pursued acquisitions, purchasing Canada’s Horizons ETFs in 2011, Prevoir Vietnam Life Insurance in 2017, and New York-based Global X ETFs in 2018.
This trajectory continued with the 2023 acquisition of England-based GHCO, a European ETF specialist, and the 2024 purchase of ShareKhan, one of India’s top 10 securities firms, further cementing its foothold in key growth markets.
These acquisitions have bolstered Mirae Asset’s financial performance. Its flagship entity, Mirae Asset Securities, reported a 217 percent surge in pre-tax profit to 1.18 trillion won ($802 million) in 2024, following a downturn in 2023. Net profit rose by 168 percent to 893.7 billion won, while revenue increased by 9 percent to 22.27 trillion won. The firm’s consolidated equity capital reached 12.2 trillion won in 2024, a one-trillion-won increase from the previous year.
The firm has also seen record-breaking gains from overseas stock investments.
In 2024, clients’ capital gains from international investments soared to 3.1 trillion won, tripling from 2023’s 1 trillion won. The number of clients subject to capital gains tax reporting surged by approximately 130 percent, exceeding 108,000 in 2025.
Mirae Asset attributes this performance to improvements in recurring income from its wealth management and trading divisions, as well as 340 billion won in non-recurring gains from foreign exchange profits related to capital reallocation for its Indian expansion.
On March 25, Mirae Asset Global Investments launched the world’s first passive target-date ETF, the TIGER TDF2045 ETF, in collaboration with S&P 500. The move underscores the firm’s commitment to pioneering new financial products on the global stage.
Chairman Park’s leadership has earned him international recognition.
On July 3, 2024, he received the prestigious “International Executive of the Year” award from the Academy of International Business. In his keynote speech, he emphasized the transformative role of artificial intelligence in financial markets, stating, “Our goal is to implement an intelligent, organization-wide AI platform while ensuring transparent and responsible adoption of this powerful technology.”
Mirae Asset has already integrated AI into its operations, launching robo-advisors for pension services in 2022.
In late 2024, it announced plans to establish WealthSpot, a dedicated AI business unit in New York City. The robo-advisory market is expected to reach $2.06 trillion in assets under management by 2025, with an annual growth rate of 3.66 percent through 2029, according to Statista.
In a March 20, 2025, interview, Park reaffirmed his conviction that AI will drive the future of investment and financial services. He also highlighted the undervalued potential of the Chinese market, signaling Mirae Asset’s continued interest in global expansion.
reporter
Kim Dong-young
davekim0807@ajupress.com
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