|Mirae Asset Tower in Shanghai. (Mirae Asset Financial Group)|
The acquisition is expected to provide an “anchor presence” in the United States ETF market.
With the addition of global ETF assets under the management of Global X -- estimated at $10.1 billion as of June by research firm Etfgi -- Mirae Asset’s global ETF AUM is roughly estimated to be $30.2 billion as of June, according to the company.
In March, Mirae Asset finished its takeover of Vietnam’s Tin Phat Management Fund Joint Stock Co., issued new shares of it and had State Investment Corp., a subsidiary of Vietnam’s state-owned State Capital Investment Corp., undertake 30 percent of total shares.
These came alongside the acquisitions of Canada’s Horizons ETF Management and Australia’s BetaShares. As of August, Mirae Asset Global Investments manages over 300 offshore ETFs from six countries -- Canada, Australia, the United States Hong Kong, Colombia and Korea.
In Korea, Mirae Asset Global Investments manages Tiger ETF series, whose combined assets under management came to over 8 trillion won ($7.2 billion).
By Son Ji-hyoung