NEW YORK--(BUSINESS WIRE)--Emerging markets leader Mirae Asset Global Investments (USA) LLC (“Mirae Asset”) announced today that Joon Kwun has been appointed President and CEO. Mr. Kwun will be responsible for developing and directing the firm’s strategic initiatives and operations in the U.S. The appointment comes as Mirae Asset further expands its capability for delivering emerging market-focused investment strategies to institutional and retail investors in the U.S. Mr. Kwun assumes the positions previously held by Jay (Hun Jun) Jang, who will assume another senior leadership position within the company.
Mr. Kwun will also oversee the continued expansion of intermediary distribution resources supporting the Mirae Asset Discovery Funds. This suite of funds – the first registered products offered by the firm to U.S. investors – launched last September with a lineup that consists of six emerging market equity strategies. The funds have amassed more than $80 million in assets within twelve months of their debut and Mirae Asset now counts among its distribution partners a growing roster of major retail and institutional platforms, including Pershing, UBS, and Commonwealth, among others.
“It is an exciting time to lead Mirae Asset Global Investments in the U.S.,” said Mr. Kwun. “We hope to show U.S. investors how, by increasing their exposure to emerging markets, they can access the world’s engines of long-term growth potential.” Mr. Kwun expects to recruit professionals for Mirae Asset’s investment teams as well as for the firm’s marketing and sales teams to support anticipated growth over the next 12 months.
Mr. Kwun joins Mirae Asset after 15 years at Goldman Sachs & Co. where he served as Head of Korean Equities and Co-Country Head for the firm’s Seoul office. In his role at Goldman Sachs, he created and launched the firm’s first on-shore equities platform in Korea and built that business by recruiting and training all key personnel, as well as managing the growth of its operations. Previously, Mr. Kwun was Executive Director, Equities Division, Asian Share Sales at Goldman Sachs in Hong Kong, where he was responsible for coverage of institutional clients based in Hong Kong, Singapore, Tokyo and Sydney. He first joined Goldman Sachs’ Hong Kong office as an analyst in the Equity Capital Markets division, charged with placement strategy, allocation and pricing for Korean and other Asian equity issues including IPOs. After leaving Goldman Sachs and immediately prior to joining Mirae Asset, he served as an exclusive advisor on all Korea-related investments to Singapore-based Broad Peak Investment Advisers, one of the largest Asia-dedicated hedge funds.
Mr. Kwun received an MA in International Relations from Yale University and earned a BA in Political Science and French Literature from Columbia University. He is a graduate of Phillips Exeter Academy.
Mirae Asset Global Investments
Mirae Asset Global Investments is one of the world’s largest investment managers in emerging market equities (source: Investments & Pensions Europe, January 2011). With over 650 employees including more than 130 dedicated investment professionals, Mirae Asset has offices in Brazil, China, Hong Kong, India, Korea, Taiwan, the U.K., the US and Vietnam. Headquartered in Seoul, the firm manages over $53 billion in assets globally, of which more than $25 billion is invested in emerging market equities (as of June 30, 2011). Mirae Asset Global Investments (USA) is focused on providing emerging market equity investment advisory services to mutual funds, foreign investment trusts and institutions. www.miraeasset.com
Risks: Emerging markets: Emerging market investing may be subject to additional economic, political, liquidity, and currency risks not associated with more developed countries.
Mirae Asset Global Investments (USA) LLC is the investment adviser for the Mirae Asset Discovery Funds.
An investor should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. This and other important information about the investment company can be found in the Fund’s prospectus. To obtain a prospectus, please contact your financial advisor or please call 1-888-335-3417. Please read the prospectus carefully before investing.
The Mirae Asset Discovery Funds are distributed by Funds Distributor, LLC.