Mirae Asset aims to apply AI technology to various investment products for global expansions, Park said.“AI is essential to efficiently allocate assets and launch innovative products earlier than others,” Park said.“AI itself is a global business now.”“Many investors are still paying significant fees for products and services,” he said.“AI is likely to provide potential solutions to dramatically lower those expenses and change the future of finance.” GLOBAL EXPANSIONSMirae Asset, South Kora’s first asset manager starting the global business in 2003, has been expanding its overseas markets.“The era of allocating assets with only those in Korea was over,” Park stressed.“AI is a must to build efficient portfolios with diversified investment assets across the world.”Mirae Asset acquired Australia’s robo-advisor Stockspot at $18 million in August 2023 while applying for a trademark of WealthSpot to the US Pate and Trademark Office in January.
Mirae Asset Group, the pioneer in South Korea’s mutual fund industry, plans to set up an artificial intelligence business unit in New York as the financial conglomerate aims to expand global investment services with robo-advisors for future growth.“WealthSpot, Mirae Asset Group’s AI unit, is set to be opened in New York soon,” the group founder and Global Strategy Officer Park Hyeon Joo told The Korea Economic Daily in an interview on Tuesday.“We will dispatch Mirae Asset’s core executives such as Kim Yeon Chu, head of derivatives, to lay the foundation for the business.”Kim, who is touted as one of the group’s future leaders along with Kim Namki, head of Mirae Asset Global Investments Co.’s exchange-traded fund (ETF) business, was appointed to head of WealthSpot.
It established Mirae Asset Capital Markets (India) Pvt.in 2018.“We will launch various AI businesses worldwide,” Park said.“We plan to install an intelligent AI platform throughout the organization while using strong technologies responsibly throughout the work.”WealthSpot is set to coordinate AI financial strategies of overseas subsidiaries and lead the synergy of the group’s innovative technology.
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