Mirae MF needs to shift gears

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Editor's note: In December last year, Mirae Asset Investment Managers (India), the Indian mutual fund business of South Korea’s Mirae Asset Global Investment Holdings, broke into the ranks of the country’s top 10 mutual fund houses by assets under management, dislodging DSP Investment Managers. With assets under management, or AUM, of Rs 1.15 lakh crore, Mirae is just Rs 2,100 crore short of ninth placed IDFC Mutual Fund. There is a high likelihood that in the next couple of months Mirae will dislodge IDFC Mutual Fund—which saw its AUM decline in 2022—and move up the pecking order. This is no mean feat for an asset management company owned by an overseas fund house. Mirae managed to survive and thrive in the Indian market, where even storied names such as JPMorgan and Morgan Stanley have struggled.  The secret behind the asset management company’s growth has been its near complete focus on equity; it has less than 10% of its AUM invested in debt funds. At a time when most other AMCs in India are hedging their equity bets, Mirae has been betting steadily …