Mirae Asset Signs MOU To acquire majority stake in TLG Life Asset Management

Feb. 14, 2011 - PRLog -- Mirae Asset Global Investments (“Mirae Asset”), one of the world’s largest emerging markets equity investment managers¹, is pleased to announce today that it has signed a memorandum of understanding (“MOU”) to acquire a 60% stake in TLG Asset Management Co., Ltd. (“Taiwan Life Asset Management”), a subsidiary of prime Taiwan life insurance company, Taiwan Life Insurance Co., Ltd..

Under this MOU agreement, Mirae Asset will be the largest shareholder of Taiwan Life Asset Management, a mid-sized asset management with an AUM of US$270 million (Taiwan Life Asset Management, Oct 2010). The acquisition will enable Mirae Asset to provide investors in Taiwan with both onshore and offshore fund products.

As an emerging markets expert, Mirae Asset plans not only to launch and manage various onshore fund products which are similar to the ones it is already managing globally, but it will also sell Luxembourg domiciled SICAV products as offshore funds in Taiwan.

Along with Mirae Asset’s Hong Kong office and a Chinese mutual-fund joint venture company currently undergoing approval process by the China Securities Regulatory Commission (CSRC), the acquisition in Taiwan would allow Mirae Asset to provide total asset management services covering the Greater China region in the near future.

Mr. Jun Won Yang, head of the Strategy & Planning Division in Mirae Asset says, “We have decided to enter the Taiwan market with this acquisition after taking into account both the growth potential of the Taiwan market and the strengthening of Greater China economic ties. We expect to further strengthen our position in Taiwan and provide our global investors with a broader range of products and services through our solid Greater China regional network.”

About Mirae Asset Global Investments Group
Mirae Asset Global Investments Group is one of the world’s largest investment managers in emerging market equities1. With over 450 employees including more than 170 dedicated investment professionals (as of Oct 31, 2010), Mirae Asset Global Investments Group has presence in Hong Kong, Brazil, China, Vietnam India, Korea, the United Kingdom and the United States. Headquartered in Seoul, South Korea, the firm manages over US$52 billion in assets globally (Source: Mirae Asset Global Investments Group, as of 30 Nov 2010).

www.miraeasset.com


¹ One of the largest invested assets in emerging market equities amongst 53 asset management firms surveyed – Investing in Emerging & Frontier Equities Survey, Investment & Pensions Europe (IPE), February 2010


For further enquiries:
Jasmine Yap, Citigate Dewe Rogerson
+852 - 2533 4641
jasmine.yap@citigate.com.hk

Kevin Xu, Citigate Dewe Rogerson
+852 - 2533 4642
kevin.xu@citigate.com.hk

Disclaimer:

Certain information contained in this document is compiled from third party sources. Whilst Mirae Asset Global Investments (Hong Kong) Limited ("Mirae Asset HK") has, to the best of its endeavor, ensured that such information is accurate, complete and up-to-date, and has taken care in accurately reproducing the information, it shall have no responsibility or liability whatsoever for the accuracy of such information or any use or reliance thereof.

Mirae Asset HK accepts no liability for any loss or damage of any kind resulting out of the unauthorized use of this document.

The provision of this document shall not be deemed as constituting acceptance, or promise of any further contract or amendment to any contract which may exists between any parties. It should not be distributed to any other party except with the written consent of Mirae Asset HK. Nothing herein contained shall be construed as granting the recipient whether directly or indirectly or by implication, any license or right, under any copy right or intellectual property rights to use the information herein.

The information and materials provided herein are given on a general basis without obligation and on the understanding that any person acting upon or in reliance on it, does so entirely at his or her own risk.

This document is issued by Mirae Asset Global Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission.

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The Mirae Asset Financial Group provides a broad range of financial services, including asset management, securities, life insurance, capital, venture investment and real estate. The group employs over 11,000 people around the world.