Overall expenses have gone down and we reduced unnecessary spending.
For Mirae Asset Global Investments (India) Ltd, 2008 was a terrible year. On the back of a global credit crisis that hit India too, its liquid funds, like most others, suffered a loss but its Korean sponsors did not take it on their books. This eroded confidence among Indian investors and money went out. But the fund house hung in there, fighting exit rumours every day, and survived. In a chat with Mint Money, its chief executive Jisang Yoo, explains that while equities have been successful, the fund house now has plans to get its debt fund management out of the cold storage.