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Wednesday, October 13, 2010

Mirae is Hiring Wholesalers

Reported by Armie Margaret Lee

Mirae Asset Global Investments [see profile], which entered the U.S. mutual fund business two and a half weeks ago, is assembling a sales team.

In an interview at Mirae's U.S. headquarters in midtown Manhattan on Wednesday, national sales manager Vince Leon told The MFWire.com he is looking to increase the number of hybrid wholesalers from three currently to eight by year-end.

The wholesalers, formally called emerging market specialists, will spend 25 to 30 percent of their time on the field and the remainder in the New York office, Leon said. They will cover intermediaries across various channels in their designated territories.

"This enables us to own all relationships," said Leon, an alum of GE Asset Management and Legg Mason who joined Mirae in June and reports to Jay Jang, president and CEO of Mirae Asset (USA). Leon added that Mirae decided on the hybrid route due to the efficiencies it brings.

The firm also has one strategic key accounts specialist currently and Leon hopes to add another one before the year is over.

Seoul, South Korea-headquartered Mirae, one of the largest emerging markets equity managers in the world, launched six emerging market mutual funds for the U.S. market on September 27. The six funds have thus far attracted $43 million of assets, according to Peter Graham, head of product development and marketing. 

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