[THE INVESTOR] Mirae Asset Global Investments, Korea’s leading asset management firm under Mirae Asset Financial Group, said on Feb. 19 it is acquiring Global X, the New York-based provider of exchange-traded funds, for about US$500 million.
Global X, founded in 2008, is a fast-growing ETF issuer specialized in robotics and artificial intelligence industries, with its assets more than doubling to US$10.2 billion last year. Once the deal is closed in the third quarter as planned, Mirae Asset’s total ETF assets will surge from the current US$20 billion to US$300 billion -- the 18th-largest globally.
|Mirae Asset Tower in Pudong, Shanghai.|
With the latest purchase, Mirae Asset plans to further speed up its expansion in the US, the world’s largest ETF market that dominates a whopping 70 percent globally.
The firm entered the ETF market by debuting Tiger ETF in Korea in 2006 and then turned its eyes to global markets. In 2011, it acquired Horizons in Canada and BetaShares in Australia. Currently, it operates 237 ETFs in six countries.
“This deal will set the foundation for our global blueprint. We will continue to seek additional domestic and overseas deals,” Mirae Asset Financial Group Chairman Park Hyeon-joo said in a statement.
By Park Ga-young (firstname.lastname@example.org