Mirae Asset Global Investments, the USD50bn South Korean asset management firm, has launched its US business and the opened an office in New York.
Mirae Asset Global Investments, the USD50bn South Korean asset management firm, has launched its US business and the opened an office in New York.
The firm has appointed industry veteran Timothy Hill as head of Mirae Asset’s North American sales.
"Mirae Asset has seen an increased interest in emerging markets investing, and requests for advice in portfolio globalization among sophisticated investors," said Jay Jang, president of Mirae Asset Global Investments (USA).
The US office will offer local management expertise in emerging Asian equity markets via separate accounts to large US institutions and ultra high net worth clients.
"In addition, the NY office is the headquarters for the investment team that manages Mirae Asset’s US holdings and will rely on the firm’s rigorous proprietary research that employs a detailed bottom up approach from both a sector and country point of view, complemented by macro inputs," adds Jang.
Hill will develop the North American business and comes to Mirae Asset after a six year career with Lehman Brothers where he was most recently co-head of institutional sales for LibertyView Capital Management and directed that hedge fund’s global institutional marketing process, excluding funds-of-funds. Prior to LibertyView, Hill was a senior vice president in Lehman’s investment solutions group where he was instrumental in successfully accelerating the growth of managed hedge fund assets.
"Mirae Asset has successfully built its business by effectively vetting the ideas for its investment recommendations through cross – analyses between various sector and country teams, together with an in depth discussion of portfolio construction and investment strategy within an investment group," says Hill. "The firm intends to actively add niche Asian-focused products to its US platform and hire additional salespeople in the US as we build the business."
