Swarup’s elevation to Vice Chairman & CEO of Mirae Asset Financial Group will see him spearheading the Group’s growth thrust in India across diverse financial services businesses, in what the Group sees as becoming a regional office and not just another country it operates in.
With 40% of equity flows in CY23 going into small cap funds, not having a small cap fund in its product suite resulted in muted business performance – but Swarup maintains that launching a fund just to capture flows is not what his firm is comfortable with, especially when valuations in the space leave little room for new investors to have a good experience.
He expects this year to see more distributor and investor focus on flexicap, multicap and large&midcap segments, which he believes will help his firm regain business momentum.
He believes the Indian market will progressively shed its focus on cap-sized based investing (large/mid/small cap) and embrace the global model of theme based investing (consumption/manufacturing/services). Themes are where the real alpha is generated, more than size of companies.
Swarup has always welcomed distributor feedback, suggestions, constructive criticism and requests all MFDs to let him and his team know what more or different they expect from him and his team, as they endeavour to continue working closely with all distributors to make the most of this wonderful growth opportunity that India’s macro environment is setting up for investors and all industry participants.