Mirae Asset Securities’ story last year was one of strength across all of its business lines.
The South Korean brokerage reported record annual net income of W1.2 trillion ($970 million) in 2021, up nearly 42%, year on year.
Wealth management revenues increased about 26%, investment banking revenue by 20%, trading revenue by 28%, and brokerage revenues by 7.9%.
Mirae Asset’s main investment banking deals in 2021 included: a W1 trillion loan for the acquisition of eBay’s Korean assets by hypermarket chain operator Emart; the refinancing of GS Power Co’s W563 billion senior loan; and a private convertible bond worth W400 billion for Hybe, the agency that manages popular local boy band BTS.
What also helps Mirae Asset stand out is the performance of its overseas subsidiaries, with pre-tax income internationally growing an impressive 21% in 2021, thanks to the firm adopting different strategies for different regions. The group has 11 overseas subsidiaries and three overseas representative offices, across markets in the US and the UK, Brazil, India, Indonesia, Singapore, Mongolia, China, Hong Kong SAR and Vietnam.
But Mirae Asset has a tough task ahead, given the turbulent start to 2022. It is already feeling the brunt of global volatility in a handful of business lines.