You joined Mirae in the marketing department after which you became the CFO and finally the CEO. How have you seen the fund house evolve?
When I joined Mirae Asset India in 2009, the AUM of the company was less than Rs. 300 crore and the AMC was loss making. Mirae Asset China Advantage Fund and Global Commodity Fund were our focus funds, as Mirae Asset India Opportunities was still a young fund (less than three years track record) and we didn’t have many distributors selling it. Mirae Asset Emerging Bluechip Fund was one of the first NFOs we did after I joined but the response was muted. Our net sales were quite less and we saw muted growth.
During my more than six years of stint in India, our AUM has grown more than 10 times. We have created a consistent track record of close to eight years for Mirae Asset India Opportunities Fund & 5.5 years for Mirae Asset Emerging Bluechip Fund and both the funds have reached a good scale. We have filled two important equity fund categories last year (Mirae Asset Prudence Fund and Mirae Asset Tax Saver Fund).
Our investor base is 2 lakh and monthly SIP book is in excess of Rs. 25 crore. We have been consistently registering positive net sales for last two years and gaining market share. Hence, the journey has been very good and I thank all the employees of Mirae Asset India in ensuring this turnaround.
Please tell us about your new role in US…
I will be taking a leadership role in Mirae Asset US office. I can share only this much at the moment.
You have worked in Brazil and Korea. How is the Indian MF industry different?
Both in Brazil and Korea, the penetration of MF industry is high and the institutional segment (insurance and pension) is very active. This is a missing piece in the India MF industry. The India MF industry is well regulated (may be over regulated considering the penetration is still low) but it is currently growing faster than those markets.
How is the Indian investor different or similar in her behavior & attitude?
Investors predominantly behave the same, across various geographies. Currently, Indian investors have become more financially literate (though much more can be done by the industry as a whole) and are investing with a long term perspective irrespective of market volatility which is a significant development. The Indian investor’s investment horizon is relatively longer than the global average; hence the probability to make higher returns in India is high.
What are the differences in work culture in India vis-à-vis Korea?
Among major countries, Korean working hours are the longest in the world as their work starts very early in the morning.
What were the most memorable moments of your stint in India?
I will relish my stint with the India office as I have seen the company grow and evolve. I am sure the company at this stage is poised for very high growth and can become amongst the top 10 AMCs in a few years. Some of the memorable moments have been:
- When we broke even, after I became the CEO.
- When we entered into the top 20 equity fund houses.
- That all industry participants are appreciating our efforts and willing to partner with us.
Where do you invest your money?
My investment portfolio currently is 50% in liquid funds, 30% in Indian equity with the remaining in international ETFs.
Which is your favorite holiday destination in India?
My favorite places in India are beaches of Goa and Shimla.
Which is your favorite Indian cuisine? Were the food choices for you limited in India?
I like Hyderabadi biryani, butter chicken and garlic naan.
Do you watch Bollywood movies? If yes, who is your favorite actor/actress?
Yes, I watch some Bollywood movies. My favorite actress is Deepika Padukone.
How do you unwind?
My job is very stressful, so I try to relax as much as possible whenever I get time. Playing golf, drinking wine with friends, swimming with my daughter and playing soccer at Kamala Mills are some of the ways in which I like to relax.
