IRKOM Brief

The financial industry, alongside manufacturing, forms one of the two pillars of the national economy. While Korean manufacturing companies have demonstrated proven success in global markets, the financial sector has historically remained focused on the domestic market, resulting in a scarcity of successful overseas cases and limited academic research. In this context, Mirae Asset stands out as one of the few Korean financial firms to have executed a successful global expansion strategy. This study focuses on Mirae Asset’s global strategy as a rare case of international success in the Korean financial industry, with the aim of shedding light on the potential for globalization within the sector.

Mirae Asset has pursued a dual approach: entering emerging markets through greenfield investments and expanding in developed markets via strategic acquisitions of ETF managers and market makers. Notably, the acquisition of Global X in the U.S. and a two-track strategy in India—establishing an asset management firm followed by the acquisition of Sharekhan, a major retail brokerage—have significantly strengthened the company’s market presence. As of Q3 2024, 33.3% of Mirae Asset Group’s consolidated net profit was generated from overseas operations, illustrating the tangible success of its global strategy.

In its first phase, this study will analyze Mirae Asset’s global growth framework and the organic network built between headquarters and international affiliates. Through an in-depth case study approach, the research aims to empirically extend the theoretical foundations of global strategy in the context of financial services. Practically, the study will offer actionable insights for Korean financial firms seeking to expand abroad, highlighting strategic conditions and implementation methods essential for success in global markets.