South Korea’s second-largest money manager Mirae Asset Global Investments Co. is planning to buy an Indonesian asset management company (AMC), Bloomberg reports. The company, which has some $40 billion in assets under management, is aiming to exploit increased income levels in Indonesia, whose middle class grew 62 percent between 2003 and 2010.
Mirae aims to increase its foreign clients’ assets under management, which currently stand below 10 percent, to nearly 50 percent in the years ahead. In line with its policy, the firm purchased 60 percent of TLG Asset Management Co., a division of Taiwan Life Insurance Co., in June and will be buying 85 percent of Canada’s BetaPro Management, an exchange- traded funds manager, as per an agreement in July.
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