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The assets under management of Mirae Asset has crossed the threshold of ₹1 lakh crore for the first time ever. Interestingly, it had registered an impressive growth of 10 times in the last five-and-a-half years.
The subsidiary of South Korea-headquartered Mirae Asset Global Investment started its India journey in 2008.
Thanks to the sharp rally in equity markets and sudden spurt in retail investor-interest in equity investments, the fund house has been receiving ₹796 crore monthly through systematic investment plans. It has 43.7 lakh investor folios with close to 15.4 lakh in systematic investor plans.
Swarup Mohanty, CEO, Mirae Asset Investment Managers (India) said the fund house has managed to reach this position by maintaining strict risk management framework and customer-centric products which have been instrumental in winning trust of clients and distributor partners.
The growth in SIP flows is the most significant achievement, as the SIP is a forward call on an organisation by both advisors and investors.
In 2016, the fund house surprised the market by restricting investments in its frontline scheme Mirae Asset Emerging Bluechip Fund to ₹25,000 per investor as it felt excess inflow would damage investors’ interest.
Ever since, the AUM of the fund has grown from ₹2,600 crore to above ₹21,000 crore at present.
“As a responsible manufacturer we will signal to the market when we think there is reason for caution, as we are doing now,” said Mohanty.
Future growth strategy
The AMC is charting the future growth strategy with focus on fixed income and passive offerings, along with equity where it has already created a strong foothold, he said.
Mirae Asset Investment Managers (India) currently has eight funds with AUM of ₹84,281 crore, three hybrid funds with ₹7,211 crore AUM, nine open-ended debt funds of ₹7,146 crore assets besides six ETFs and four fund-of-fund schemes with ₹2,568 crore assets.
Mirae Asset Group has enhanced footprints in broking, NBFC, private equity, real estate and alternate product space and the firm continues to expand its product offering across asset classes.