To offer local management advice in emerging Asian equity markets via separate accounts to US institutions and high net worth clients
Mirae Asset Global Investments, a South Korea-based asset management firm, has commenced its US business, Mirae Asset Global Investments (USA) by opening an office in New York.
Reportedly, the US office will offer local management advice in emerging Asian equity markets via separate accounts to US institutions and high net worth clients. Additionally, the firm has also appointed Timothy Hill as head of Mirae Asset’s North American sales.
The company has said that Timothy 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.
Jay Jang, president of Mirae Asset Global Investments (USA), said: “Mirae Asset has seen an increased interest in emerging markets investing, and requests for advice in portfolio globalization among sophisticated investors. 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.”
Mr. Hill said: “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. The firm intends to actively add niche Asian-focused products to its US platform and hire additional sales people in the US as we build the business.”