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Monday, April 19, 2010|
A South Korean Firm Targets the U.S. Fund Market
Mirae Asset Global Investments (USA), a branch of the South Korean giant Mirae Asset Financial Group, is planning its first family of funds that will be available to U.S. investors. The American branch of Mirae, based in New York, opened in 2008.
Mirae filed papers with the SEC on April 13 to roll out funds, including the Asia Great Consumer Fund, the Asia Sector Leader Fund, the Brazil Sector Leader Fund, the China Sector Leader Fund the Global Emerging Markets Great Consumer Fund, and the Global Emerging Markets Sector Leader Fund.
The filing did not include the expense ratios for the funds.
Mirae USA will use the resources of its various affiliates by naming them subadvisors for the funds. Mirae Asset Global Investments (Hong Kong) will subadvise the global and Asian-focused funds, while Mirae Asset Global Investimentos (Brazil) will work on the GEM Sector Leader Fund and the Brazil-based fund. Mirae has not yet named a distributor, transfer agent, administrator, custodian, or independent registered public accounting firm for the new funds. Sidney Austin LLP will provide the funds with legal counsel.
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