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