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Mirae Asset Management Liquidates India Fund Owing To Steep Losses

20 August, 2008

After hedge fund Venus Capital announced that it suffered a 22 per cent dip in returns, now Mirae Asset Management, Korea’s largest asset management firm, has liquidated its India fund owing to steep losses. The Korea Times, quoting Zeroin, a fund evaluating body, reported that Mirae has liquidated the “Class-C2″ fund for institutional investors last week, after nine months of operations. The fund was at minus 20 percent at the time of liquidation.

The fund was introduced at the height of bull run in October last year. The fund had its share of excellent returns from the Indian bourses too, as it gained 19 percent on average until early this year. But increasing concerns of higher oil prices, inflation and political turmoil took a toll on it. There are 26 Indian equity funds, according to Zeroin, which have recorded a loss of 39 percent on average since January, higher than the average loss of 21 percent for all overseas funds.

Mirae Asset noted that the public fund was managed like a private fund as institutional investors needed to invest at least 5 billion won if they wished to subscribe to the fund. The assets under management of the fund reached 15 billion won at the beginning, and the company liquidated the fund after subscribers completely redeemed their investment.


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Mirae Asset Management Liquidates India Fund Owing To Steep Losses

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