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Mirae Asset Global X set for growth under new chief

By Im Eun-byel

Published : April 17, 2024 - 15:27

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Global X CEO Ryan O'Connor (Mirae Asset Global Investments) Global X CEO Ryan O'Connor (Mirae Asset Global Investments)

Mirae Asset Global Investments announced Wednesday that Global X, its US-based exchange-traded fund subsidiary, would seek increased competitiveness under new CEO Ryan O'Connor, the former global head of ETF products at Goldman Sachs.

O'Connor, who has an over 17-year career in the US ETF industry, having worked at Goldman Sachs and State Street Global Advisors, took office as the chief of fund issuer Global X on April 8.

Through a recent leadership reshuffle carried out earlier this month, Eric Olsen joined the firm as the head of finance. Olsen has experience of working at major finance firms such as SEI Investments, Aberdeen Standard Investments and BNY Mellon.

The firm said it will cooperate with its Canadian affiliate Horizons ETFs by newly introducing its products from covered call, leverage, inverse and active ETFs to the market under the Global X brand.

"Global X is preparing for a new era based on growth and innovation, working with a talented and energized team," O'Connor said. "We will put in all efforts to bring innovative new products, investment solutions and insights to the market as expected by global investors.”

Mirae Asset Global Investments, a major asset manager here under the Mirae Asset Financial Group, acquired Global X in 2018.

"We decided to invest in Global X, seeing it to be a competent company as Mirae Asset was 15 years ago," Mirae Asset Financial Group founder and Global Strategy Officer Park Hyeon-joo said at the time of the acquisition. "The deal has shaped the foundation of Mirae Asset’s global picture."

As of April 11, Global X's assets under management stood at the record high of 65 trillion won ($47 billion), marking a sharp 8.9 trillion won increase from 56 trillion won at the end of November.

Meanwhile, Mirae Asset Global Investments manages assets worth 312 trillion won as of the end of March. It recently merged with Multi Asset Global Investments, a subsidiary of the asset management firm, in March with an aim to boost its alternative investments.