South Korean asset management companies are increasingly eyeing global markets to seek higher returns, as local capital markets face low interest rates, industry officials said Thursday.

The number of overseas offices operated by Korean asset management companies more than doubled to 35 as of the end of 2015 from 14 in 2008, according to data by the Korea Financial Investment Association.

Among 35, 14 are run by Mirae Asset Global Investment, four by Asset Plus Investment Management, three by Samsung Asset Management and another three by Korea Investment Management.

According to Mirae Asset Global Investments, it has 12 subsidiaries and two offices globally. Out of its 95 trillion won ($79.7 billion) assets under management, 34 percent or 32 trillion won are allocated in overseas markets, the company said.

Mirae Asset currently sells 1,268 financial products in 32 countries including Korea. The outbound funds sold through its overseas subsidiaries surpassed 2.5 trillion won in 2015.

Samsung Asset Management, the nation’s largest asset management firm, is also gearing up its overseas business.

It recently announced that it would seek to establish a joint venture with China’s CCB Principal Asset Management to operate exchange-traded funds in China.

Managing 200 trillion won in assets, the company said it has agreed to provide advisory for three to five new ETF products to be launched under the Chinese company within this year.

The Korean company also agreed to establish an advisory services provider in Beijing by September to prepare for the establishment of the joint venture.

The chief executive of NH-Amundi Asset Management said in March that the firm would strengthen its sales and marketing of overseas funds this year, with more weight given to overseas stocks and alternative investments.

By Kim Yoon-mi (yoonmi@heraldcorp.com)