South Korean investment giant Mirae Asset plans to establish its first Global Capability Centre (GCC) outside South Korea in India. The centre, expected to be operational by mid-2024, will manage back-office functions and leverage India's tech expertise to support Mirae Asset's USD 225 billion global operations. With over INR 1.16 lakh crore (USD 14.56 billion) in Indian Assets Under Management, Mirae Asset's Vice Chairman, Swarup Mohanty, highlighted the GCC's role in expanding their nine Indian businesses to 14-15 within four years. The centre will also enhance their ETF and AI capabilities, bolstering India's position as a global financial hub.
South Korean investment giant Mirae Asset is setting its sights on India for its first ever Global Capability Centre (GCC) outside of South Korea. This centre, planned for a major Indian city, will handle various back-office functions and leverage India's expertise in technology to support Mirae Asset's global operations that manage over USD 225 billion in assets worldwide.
Swarup Mohanty, Vice Chairman and CEO of Mirae Asset India, indicated that the company is currently assessing the possibility of setting up a Global Capability Center (GCC) in a major Indian city. This centre, expected to be operational by the second half of 2024, would not just support the company's growing operations in India, which boasts over INR 1.16 lakh crore (USD 14.56 billion) in Assets Under Management (AUM) as of February 2023, but also serve as a hub for electronic traded funds (ETFs) and other administrative functions globally. Mirae Asset is also planning to utilise Artificial Intelligence (AI) at the centre to support both its India business and its global endeavours.
This move highlights India's growing importance in the global financial services industry. With a skilled workforce and a booming technology sector, India offers a strong foundation for Mirae Asset's expansion plans. Mohanty emphasised India's rapid growth, stating that Mirae Asset currently has nine businesses in India, with plans to add two more by the end of the year. They expect to have a total of 14-15 businesses in India within the next three to four years.
Mirae Asset's expansion plans extend beyond financial services. The company already operates two warehouses each in Mumbai and Bhiwandi, and is looking to add another in Pune. They are also considering spinning off their real estate business into a separate division, indicating potential growth in this sector as well.
The acquisition of brokerage firm Sharekhan by Mirae Asset for an undisclosed amount is still awaiting regulatory approval, which is expected to come through by the second half of 2024. This combined with the planned GCC establishment suggests a bright future for Mirae Asset in India, further strengthening India's position as a global financial hub.
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