Published by Asia Asset Management – 8th Feb 2019
Amundi Asset Management (Amundi) has completed acquiring the Taiwanese unit of South Korea’s Mirae Asset Global Investments (Mirae) in a move that allows the French asset manager to add onshore funds to its product offerings on the island.
Amundi already has a subsidiary, Amundi Securities Consulting Enterprise, which has been licensed to sell offshore funds to Taiwanese investors since 2006; this unit had over US$5 billion of assets under management at the end of 2018, Vincent Mortier, Amundi’s deputy chief investment officer and Asia ex-Japan supervisor, says in a statement on February 1.
The newly-acquired firm, Mirae Asset Global Investments (Taiwan), holds a licence that enables it to sell onshore funds and provide fund management services to domestic investors.
It has been renamed Amundi Taiwan Limited and Amundi says the two subsidiaries will be integrated by the end of June, subject to regulatory approval.
Amundi and Mirae signed an agreement for the deal in November. The price was not disclosed.
“The acquisition further demonstrated the significance of Taiwan in Amundi’s roadmap in Asia,” Mr. Mortier says.
Paris-based Amundi had 1.47 trillion euros (US$1.68 trillion) of assets under management globally as at September 30, 2018.
