Mirae Asset Investment Managers India hopes to close the current year with an AUM of Rs 1.5 lakh crore, up from Rs 1.20 lakh crore in December 2022, on the back of aggressive growth in systematic investments plans and its forte of equity-linked funds.
Mirae Asset is the only Korean fund operating in the country and since its entry in 2008, it has grown to become the 12th largest fund house in the country with an AUM of Rs 1.16 lakh crore as of February 2023.
Mirae Asset is fully-owned by the Mirae Financial Group of Seoul that globally manages over USD 225 billion assets.
Mirae, whose large-cap fund has an AUM of over Rs 30,000 crore, and an emerging fund with Rs 24,000 crore, has two subsidiaries in the country -- wealth management and a zero-brokerage equity broking arm.
As much as 90 per cent of its AUM are deployed in active equity funds, while the passive funds constitute Rs 3,000 crore, Swarup Mohanty, the chief executive of the fund house, told PTI.
"We're seeing good traction in our equity funds, led by large-cap funds. And so is the inflow into the SIPs, wherein we are adding Rs 860 crore every month on an average.
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"If the present inflows maintain the flow level, we are confident of adding over Rs 25,000 crore to our AUM and close the year with around Rs 1.5 lakh crore of total assets under management," Mohanty said, adding they have around 44 funds under management now.
At Rs 860 crore of monthly inflows, the company is amongst the largest in SIPs, he added.
He said the incremental growth this year is expected to come equally from existing funds and new fund offers.
The fund house's total folios stood at 5.7 lakh as of February, of this, SIP folios constituted 3.5 lakh, he said.
Mohanty said since the regulator Sebi lifted the ban on launching new fund offers last July, they launched two active funds and a few debt and index funds. He said they will be launching a few gold ETFs (exchange traded funds) and a few targeted maturity funds through the course of the current year.
Given the way institutional investors are taking to ESG (environment, society and governance) issues, he said going forward they will increase their focus on this segment as well and hope to grow fast with its Rs 100 crore ESG fund AUM now.
In fact, Mohanty said, Mirae is the only standalone fund house that has a passive ESG fund in the country.
Mirae's passive products include plain vanilla ETFs tracking broad market indices like the Nifty 50, Nifty Next 50 and Nifty Midcap 150, and some of them are in fact the first in the country.
It also manages a fund-of-fund that invests in these three broad-based ETFs and does allocation based on valuation attractiveness. In fact some of its passive products are first in the country.
That apart they also have thematic products catering to financial services, manufacturing and ESG.
On the global side, they have ETFs and fund-of-funds giving broad-based as well as concentrated exposure to the US market by tracking S&P 500 Top 50 index and NYSE' Fang+ index.
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