Mirae Asset Mutual Fund: Delivering consistent returns

When he started Mirae Asset Mutual Fund (MAMF) in India in October 2007, Gopal Agrawal’s first objective was to find a fund manager who would think in micro detail. Agrawal, who was with SBI Mutual Fund, was approached by the Indian subsidiary of Mirae Asset Global Investments, the South Korean financial firm, to build a mutual fund business. The firm provided a seed capital of $50 million. At the time, an asset management company (AMC) in India required a minimum capital of just Rs 10 crore ($1.6 million), which has now been revised to Rs 50 crore. Simply put, MAMF had the arsenal—or the financial muscle—to become a powerful fund house.

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