Mirae Asset Global Investments picks new U.S. leaders
By Rick Baert | March 6, 2013 2:39 pm
Peter P. Graham was named CEO of Mirae Asset Global Investments (USA), Robert P. Mulligan was named president, and Robert E. Shea was appointed COO on Tuesday.
Messrs. Graham and Mulligan replace Joon Kwun, who is relocating to Seoul to assume a senior management position leading business development initiatives across Asia at the firm's parent, Mirae Asset Global Investments, confirmed Mr. Graham in an interview.
Mr. Graham will retain his previous duties as president of the Mirae Asset Discovery Funds and head of marketing and product development at Mirae Asset Global Investments (USA). Mr. Mulligan will remain head of sales and distribution at Mirae Asset Global Investments (USA).
The COO position is new; Mr. Shea will continue as head of finance and operations.
The appointments are part of what Mr. Graham in an interview said was a “natural progression” for the U.S. arm of Seoul-based Mirae Asset Global Investment Group emerging markets manager, which had $4.6 billion in assets under management as of Jan. 31. The Seoul-based parent has a total of $58 billion in AUM, including $27 billion for institutional clients. Mr. Graham said some of that global institutional money is run by the U.S. subsidiary as a subadviser; he was unable to say how much that was.
Mirae Asset USA manages six mutual funds, five in equities and one in fixed income, and Mr. Graham said the firm is offering institutional separate accounts, based on the fund strategies but also in customized emerging markets portfolios.
Jose G. Morales remains chief investment officer of Mirae Asset USA.