Swarup Mohanty becomes first non-Korean person to be Mirae Asset Financial Group’s Vice Chairman | Mint
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Business News/ Companies / News/  Swarup Mohanty becomes first non-Korean person to be Mirae Asset Financial Group’s Vice Chairman
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Swarup Mohanty becomes first non-Korean person to be Mirae Asset Financial Group’s Vice Chairman

Mirae Asset Financial Group has promoted Swarup Mohanty to Vice Chairman, the first non-Korean to hold the role.

Swarup Mohanty has been promoted to the role of Vice Chairman by South Korea's Mirae Asset Financial Group. (Photo: Mint) (MINT_PRINT)Premium
Swarup Mohanty has been promoted to the role of Vice Chairman by South Korea's Mirae Asset Financial Group. (Photo: Mint) (MINT_PRINT)

Mirae Asset Financial Group of South Korea has promoted Swarup Mohanty to the position of Vice Chairman, The Korea Economic Daily reported. This is a historic milestone as Mohanty becomes the first individual of non-Korean descent to occupy this prestigious role within the financial conglomerate. Sources within the Seoul-based firm note that Mohanty’s elevation signals Mirae's keen intent to bolster its thriving Indian operations, the publication added.

“The unprecedented promotion resulted from considerations of the group’s determination to further expand the Indian business and Mohanty’s contributions for growth," the publication quoted the official in Seoul as saying.

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This development comes as part of a larger organisational shuffle at Mirae Asset Financial Group, as per the publication. The reshuffle aims to turbocharge global growth and address generational change. Choi Hyun Man, the co-CEO and Chairman, is stepping down, and several other senior executives have been promoted to Vice Chair roles, including those at Mirae Asset Securities Co.

Who is Swarup Mohanty?

Mohanty’s rise has been stellar. He first graced the Mirae team in India in July 2011 as the Head of Sales. In less than five years, he assumed the mantle of Chief Executive Officer for the Indian subsidiary, Mirae Asset Investment Managers Pvt., a position he has held since February 2016. Officials within the group highlighted that his remarkable contribution to the growth of the Indian business unit was a key factor in this promotion.

Indian market

The Indian market offers Mirae strong growth prospects, particularly with the prevailing US-China trade tensions and ongoing digital reforms by the Indian government. Insiders confirm that Mohanty's new role will be crucial in spearheading this focus on India, as the firm considers it a vital cog in its global operations.

For the Indian landscape, Mirae Asset Financial Group has stamped its authority with some impressive metrics. Managing assets worth 22 trillion won (approximately 1,35,643 crore) in India, Mirae towers over other foreign asset managers in the nation. The firm's Indian arm has amassed a client base nearing six million, and the profits are soaring, touching up to 40 billion won ( 247 crore) annually.

Mirae Asset’s continued success in India is often cited as a triumph of South Korean financial forays into foreign markets. The conglomerate’s Mumbai office has been functional since 2006, acting as a testament to the South Korean industry’s effective overseas expansion strategies.

Read the original report by The Korea Economic Daily HERE.

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Published: 24 Oct 2023, 02:34 PM IST
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