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Mirae Asset Daewoo to inject capital into US wealth unit

South Korea's Mirae Asset Daewoo Co. Ltd. will infuse 336.09 billion won of capital into its second tier unit in Los Angeles through its Hong Kong subsidiary.

The company will buy new 2,325,000,000 shares issued by Mirae Asset Securities (HK) Ltd. for 333.75 billion won, according to disclosures dated July 31.

The Hong Kong subsidiary will then use the proceeds to buy new shares issued by Mirae Asset Wealth Management (USA) Inc. for 336.09 billion won.

The move aims to enlarge the wealth manager's book size in order to conduct more investments in the U.S. market, a representative from Mirae Asset Daewoo said in an interview.

The capital injection is expected to be completed in October, at the latest.

As of July 31, US$1 was equivalent to 1,121.88 South Korean won.