이 기사는 2019년 11월 22일 08시00분 thebell에 표출된 기사입니다

Mirae Asset Securities Singapore, the Singapore office of South Korea's Mirae Asset Daewoo, sets to accelerate its efforts to expand overseas alternative investments. It also plans to make principal investments in the region by actively working on deal sourcing across various segments, including real estates and infrastructure.

Mirae Asset Securities Singapore, founded in 2012, used to focus on brokerage services only, underwriting South Korean issuers' stocks and bonds in the local market. But recently, it has also been allowed to provide corporate finance advisory services after obtaining the relevant license from the Singaporean authorities this year.

In an interview with the bell, Josh Hyun-suk Choi, Managing Director of the Singapore office, emphasized Mirae Asset Group's ambition to become a global player in the investment banking business. He said the Singapore office is also playing its role to that end.

"We obtained the investment banking license in September and now we're able to conduct almost all activities in corporate finance area. We have already started searching for deal opportunities potentially offering good returns," said Choi.

The Singapore office is expected to serve as a base for Mirae Asset Group to expand its alternative investment business to overseas markets. It plans to put its best effort to find fresh deal opportunities in not only the Southeast Asia countries but also the Oceania region.

"We will also focus on investments in REITs (real estate investment trusts), not just in other local alternative assets such as infrastructure and aircraft. There is plenty of liquidity in the Singapore capital markets with various assets available for investment. We are going to actively work on deal sourcing," he said.

The Singapore office plans to expand its role beyond underwriting alternative assets or simply buying them to sell down, and actively search for opportunities to make principal investments. Through this move, it intends to increase the portion of carried interest in its profit, apart from fee revenue.

A rights issue of $30 million, which was carried out by the firm's headquarter in April, is also part of efforts to support the Singapore office's investment activities by boosting capital capacity. The equity capital of Mirae Asset Securities Singapore amounts to nearly 50 million Singapore dollars (about 37 million U.S. dollars) as of November 2019.

Choi is also positively considering investing in local REITs. "In the process of preparing for a listing, REITs tend to add a couple of properties to the existing pool. We will become more active in the acquisition financing market to provide sources of capital used to buy additional properties," he said, adding that principal investments could also be applied to REITs investment strategies.

Singapore exchange (SGX) is one of the global markets where REITs are most actively traded, with a total of 44 REITs listed on the bourse. SGX is also counting on a pipeline of five additional REITs next year.

Choi emphasized that his organization is playing its role as one of the local business units of Mirae Asset Group.

"If we discover potentially lucrative deals, then not only our funds but also those set aside for principal investments by our other affiliates in adjacent regions would be used to win the mandate. Strengthening the Singapore office's competitive position was a strategic decision from an overall point of view to cover deal opportunities in adjacent countries, not just Singapore."

'One Asia Equity Sales,' an organization launched by Mirae Asset Daewoo earlier this month, also seeks to create synergy among entities belonging to Mirae Asset Group, he explained.

"We could gain the upper hand on the competition with international investment banks if we create synergy by combining financial firepower. The reputation of the entire group also has been enhanced recently as Mirae Asset Daewoo continues to work on large-scale deals at home and abroad. I believe the Singapore office would also be able to source such a big deal in the future," said Choi.

(By reporter Jeon Kyung-jin)