Mirae Asset Takes Over Global X ETF Firm in New York
트위터 페이스북 미투데이
Global News Network
HOME      ABOUT US      NW 기획정보
Mirae Asset Takes Over Global X ETF Firm in New York
Korean financial giant pays $500 mln for entry into U.S. ETF market with combined assets of $30 bln, ranking 18th among global asset management groups

27(Tue), Mar, 2018

Chairman Park Hyeon-joo of Mirae Asset Group.(Photo: Mirae Asset)

Chairman Park Hyeon-joo’s Mirae Asset Financial Group is edging closer to being a global financial leader by taking over an ETF management firm in New York, which is the key ETF market in the world.

When the takeover is consummated, Mirae Asset’s global management’s funds will rise to $30 billion, or 32.370 trillion won, to rank the 18th among asset management groups in the world, the group said on Feb.18. Chairman Park said he will find the next asset fund to take over soon to speed up the group’s globalization.

The group officially announced that it will take over the Global X Management Co. for about $500 million, with the final talks on the takeover price to be determined before the month is out.

The price for the takeover is three times bigger than the group paid for an Australian asset management firm, the Horizon, in 2011, amounting to 1,450 billion won, the group said. Global X specializes in thematic growth, income and international ETFs, and manages around $10bn in assets.

The acquisition offers Mirae Asset a presence in the U.S. The company also owns other ETF operations- Horizons in Canada, BetaShares in Australia and Tiger ETF in Asia. Global X will retain its brand following the takeover, while its president Luis Berruga will become CEO of the combined entity. The deal is slated to be completed in the third quarter of 2018, subject to shareholder and regulatory approvals.

Mirae Asset president and global head of ETFs Lee Tae-yong said, “With Global X on board, we are now connecting one of the most successful US ETF firms to a prominent Asian-based global ETF manager, creating a powerful ETF platform.

“Through this merger, we expect to enhance our strong tradition of offering innovative investment solutions and that we will be able to continue to deliver high quality products and services.”

Global X co-founder Jose Gonzalez said, “Global X and Mirae Asset’s cultures and product suites are a great fit, and I have no doubt that the combined capabilities will enhance the solutions and service that we provide to investors in our funds, and as a result accelerate the success of the combined business globally.”

Seeking to provide access to high-quality and cost-efficient investment solutions, Global X is a New York-based sponsor of exchange-traded funds.

Founded in 2008, Global X is distinguished by its Thematic Growth, Income and International ETFs. Global X is recognized as a leader in providing intelligent investment solutions for its shareholders.

Mirae Asset Global Investments is the asset management business of Mirae Asset Financial Group, one of Asia's largest independent financial companies with approximately $400 billion in assets globally across investment banking and brokerage, life insurance and asset management. 

With approximately 730 employees, including 167 dedicated investment professionals, Mirae Asset Global Investments offers its clients a comprehensive suite of investment solutions from its offices in Australia, Brazil, Canada, China, Colombia, Hong Kong, India, Korea, Taiwan, the U.K., the U.S., and Vietnam. 

Headquartered in Seoul, Korea, the firm manages $122 billion in assets globally, as of Dec. 31, 2017, through a diversified platform offering market-leading franchises in traditional equity and fixed income products, ETFs and alternative strategies, such as real estate, private equity and hedge funds. 

Most Popular

기사제보      광고문의      구독신청      번역의뢰      업무제휴      PR대행      보도자료      리소스 센터      Previous Site
Copyright(c) 2013 NewsWorld, All right reserved. / 3f, 214, Dasan-ro, Jung-gu, Seoul, Korea 100-456 / http//www.newsworld.co.kr
If you have any question or suggestion, please cuntact us by email: news5028@hanmail.net or call 82-2-2235-6114 / Fax : 82-2-2235-8864
홈페이지와 콘텐트 저작권은 뉴스월드에 있습니다.