ETF Securities acquired by Mirae Asset
ETF Securities has been acquired by Mirae Asset and Global X ETFs for an undisclosed sum.
The firms said the acquisition provided an opportunity for Mirae Asset and Global X to add instant scale in the Australian market. They also said ETF Securities’ product line-up of thematic, commodities and digital assets complemented their offerings.
The acquisition brought Mirae’s assets under management to $85 billion.
“We are incredibly excited to enter the Australian market and to meaningfully expand our global ETF footprint through the acquisition of ETF Securities’ inventive business,” said Byungsung Lee, chief executive of Mirae Asset Global Investments.
“This acquisition underscores Mirae Asset’s continued commitment to maintaining industry-leading ETF businesses in key markets around the world and brings immediate scale to our operations in Australia.”
AUTHOR
Laura Dew
Recommended for you
Sydney-based alternative fund manager East Coast Capital Management has formed its first advisory council as it enters its next phase of growth.
With 40 per cent of advice practices looking to increase their ETF usage, the next frontier being embraced is smart beta ETFs with flows doubling in July, providers have said.
Australian ETFs saw flows of $5.8 billion in July, more than double the previous month, and adviser adoption is tipped to help total flows reach $50 billion by the end of the year.
Pinnacle’s London affiliate, Life Cycle Investment Partners, has secured over $15 billion in FUM in its first year and achieved profitability, the firm’s fastest affiliate to do so.
