(Yicai Global) Nov. 22 -- South Korea's Mirae Asset Financial Group has become the latest international financial company to register as a private equity fund management concern in China.
The Seoul-based group, which had USD133.8 billion under management at the end of July, listed wholly foreign-owned enterprise Mirae Asset Investment Management Shanghai with the Asset Management Association of China on Nov. 14, public information shows. The unit was set up in 2008 with paid-in capital of USD2.5 million.
Foreign private equity has hurried to enter the Chinese market this year. Fifteen other overseas financial institutions have also registered as private equity managers in the country, including UBS Asset Management, BlackRock, Bridgewater and Schroders.
"We'll consider when China introduces something new," Shin Hyungkwan, chief executive of Mirae Asset's Shanghai-based unit, told 21st Century Business Herald previously.
"Besides the Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors [licenses], we recently secured the qualification of QDLP [Qualified Domestic Limited Partner]," he said in an interview with the Herald. "These moves are Mirae Asset's faith and promise to the Chinese market."
Mirae Asset Financial Group has 187 investment professionals employed in 12 countries and regions worldwide, data shows. It is worth noting that the company acquired Mirae Asset Tower, an office building in the heart of Shanghai's Lujiazui financial district, according to state-backed Chnfund, a newspaper under the People's Daily.
Mirae Asset Global Investments, a subsidiary of Mirae Asset Financial Group, owns Mirae Asset Investment Management outright. Its business covers China and Hong Kong as well as Brazil, Vietnam, Korea, India, the UK and the US, Chnfund reported.
Mirae Asset set up Mirae Asset Huachen Fund Management in China six years ago. PE is Mirae Asset's latest investment development in China. The company has a Qualified Domestic Limited Partner license and plans to issue PE products with the qualification of wholly foreign-owned private fund manager.