Mirae Asset Global Investments and Global X ETFs have acquired ETF Securities Australia which houses roughly A$4.7bn in assets under management (AUM).
In a joint statement, Mirae and Global X said the deal would allow them to add instant scale in the Australian market, including an extensive product lineup of thematic, commodities and digital asset strategies.
Mirae currently runs ETFs in the US, Brazil, Canada, Colombia, Europe, Hong Kong, India, Japan, Korea and Vietnam. The deal is expected to take its AUM to over $85bn.
Lee Byungsung, CEO of Mirae Asset Global Investments, said: “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.”
As well as Global X's extensive ETF range, ETF Securities will also benefit from Mirae's global workforce of more than 12,000 employees across developed and emerging markets.
The business has been a pioneer in the ETF industry. In 2003, it launched the world’s first gold ETF and currently houses the largest precious metal platform in Australia. More recently, ETF Securities has been expanding its thematic and digital assets products.
Furthermore, ETF Securities will gain access to Global X’s resources and expertise, including its world-class research and product development capabilities.
Graham Tuckwell, founder and chairman of ETF Securities, said: “As true innovators in the ETF industry around the world, Mirae Asset and Global X are like-minded – undeniably sharing our Australian teams’ visionary mindset and commitment to client service.”
Luis Berruga, CEO of Global X, said: “Over the past several years, Global X has worked to develop the infrastructure to be a leading ETF issuer, not just in the US, but in key ETF markets around the world.”
“ETF Securities and Global X share an exploration mindset that has allowed both businesses to quickly adjust to the demands of a very fast industry, and we are thrilled to leverage our global capabilities to support ETF Securities’ next phase of growth.”
In 2018, ETF Securities sold its main ETF platform to WisdomTree for $611m. It later announced the sale of its white labelling platform, Canvas, to Legal and General Investment Management.