Tuesday, 30 June 2015
Last updated 9 hours ago
Sep 27 2011 | 12:44pm ET
South Korea's Mirae Asset Global Investments is planning to launch a hedge fund business in Hong Kong.
The firm already runs what Hong Kong CEO Woong Park called "quasi hedge funds" from the city, although those funds are domiciled in Korea. But now, the firm plans a full hedge fund business in Hong Kong, part of its increasingly aggressive global expansion plans.
"I strongly believe that this disruption comes from a shift in the economy from developed markets to emerging markets," Park told the Financial Times. Mirae has already bought Taiwanese asset management and Canadian exchange-traded funds companies this year, and could make "some more acquisitions in Asia and maybe in developed nations, as well," Park said.
Mirae's new Hong Kong hedge fund unit is planning a flexible multi-asset fund and an Asia long/short fund. The new funds would be marketed to Korean investors—among others—pending new regulations allowing Korean companies to employ leverage and short-selling.
May 27 2015 | 2:15pm ET
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