South Korean asset management company Mirae Asset Global Investments recently has launched a US operation, Mirae Asset Global Investments (USA) in New York. The company, one of the world's leading emerging markets equity managers with $50 billion under manager, has appointed Timothy Hill as head of Mirae Asset's North American sales.

The US office will offer local management expertise in emerging Asian equity markets via separate accounts to large US institutions and ultra high net worth clients.

Hill will develop the North American business. He joins after a six year career with Lehman Brothers where he was most recently co-head of institutional sales for LibertyView Capital Management and directed that hedge fund's global institutional marketing process, excluding funds of funds.

"Mirae Asset has seen an increased interest in emerging markets investing, and requests for advice in portfolio globalisation among sophisticated investors," commented Jay Jang, president of Mirae Asset Global Investments (USA).

"Mirae Asset has successfully built its business by effectively vetting the ideas for its investment recommendations through cross-analyses between various sector and country teams together with an in depth discussion of portfolio construction and investment strategy within an investment group," noted Hill.

According to Hill the company intends to add niche Asian-focused products to its US platform and hire additional salespeople in the US.

Mirae Asset, with around $33 billion in emerging market equities (at June 30, 2009), has the highest ratio (73.8%) of emerging markets equity to total assets under management of the top 20 emerging markets equity managers globally according to a survey by Investment and Pensions Europe. It is also the market leader in the domestic Korean equity fund market with around a 37% market share.