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FIS to power Mirae Asset's entry into US prime brokerage business

06 February 2017


Mirae is building up its US prime brokerage, securities lending, repo, delta one and clearing businesses

Read more: Mirae prime brokerage

Asia-based Mirae Asset Financial will use technology from FIS to power its entry into the US securities finance market.

Securities processing software from FIS will help the firm streamline trading, compliance and risk, middle and back office services, securities finance, corporate actions and tax.

The deal comes as the North American unit of South Korea-based Mirae is building up its US prime brokerage, securities lending, repo, delta one and clearing businesses from New York.

"Working with FIS will give us the ability to strategically focus on our business and meet all of our clients’ needs securely, quickly and efficiently," said Robert Akeson, chief operating officer, Mirae Asset Securities (USA).

Headquartered in Seoul, Mira's core business is asset management meaning it operates as a non-bank financial institution. 

The group has been targeting the alternative investment services space in recent years, including real estate managers and hedge funds.

It already has branches in the UK, China, India, Australia, Singapore, Hong Kong and Brazil.

Akeson believes there are "unique opportunities" for the US arm to connect with clients whose bank counterparties may be rethinking their position in the market because of regulations.

Marianne Brown, chief operating officer for FIS' institutional and wholesale division, said the firm's technology "streamlines how broker-dealers respond to new business opportunities and client needs."

"Leveraging FIS for our full set of end-to-end capabilities will allow Mirae Asset Securities (USA) to focus on its growth and success as it enters the market," Brown added.

FIS brought SunGard for $5.1bn in 2015. Prior to the deal, the firm focused mainly on the banking and payments sector, working across multiple markets. 

SunGard operated in a similar way to FIS with a focus on capital markets, asset management and wealth solutions.


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