NEW YORK, July 2, 2018 /PRNewswire/ — Mirae Asset Global Investments Co., Ltd. (Mirae Asset), one of Asia’s leading independent financial companies based in Seoul, South Korea, today announced that it has completed the previously announced acquisition of Global X Management Company LLC (Global X), the New York-based provider of exchange-traded funds (ETFs) with $10.1 billioni in assets under management (AUM).
In partnering with Mirae Asset, Global X gains access to the resources and reach of a large, global financial institution, which will allow for Global X to continue to develop its thematic, income, and international ETF solutions, while expanding distribution capabilities. The day-to-day operations of the Global X business will not change, and the organization will maintain the Global X brand.
“The closing of this deal marks the beginning of the next chapter in Global X’s story,” said Luis Berruga, CEO of Global X. “The core of our firm has always been focused on designing and offering investment solutions that match the needs of our clients. Mirae Asset is the ideal partner for Global X, as we share that entrepreneurial spirit and client-centric focus. We are excited to combine our capabilities to bring our investor-driven solutions to a global stage.”
The addition of Global X provides an anchor presence in the United States for Mirae Asset’s global ETF business, which also includes businesses in Canada, Latin America, Hong Kong (Horizons ETFs), Australia (BetaShares) and South Korea (Tiger ETFs). With $126.3 billion in assets under management and $21.3 billion in global ETFs, Mirae Asset is a globally recognized leader in the ETF industry.ii
“With the acquisition of Global X, our ETF business will become a truly global ETF platform that offers some of the most unique and innovative ETF products and investment solutions. Combining the expertise of our teams across the world, we will continue to build a differentiated ETF business in both the local and global marketplaces,” said Taeyong Lee, Mirae Asset’s Global Head of ETFs.
“This transaction is a significant milestone for Mirae Asset in the US and globally. I am confident that together with Global X, Mirae Asset will be able to better serve our global investors through our tradition of offering innovative investment solutions” said Hyeon-Joo Park, Global Investment Strategy Officer and Chairman of Mirae Asset Financial Group.
RBC Capital Markets served as exclusive financial advisor to Global X in this transaction. Baker & McKenzie and Shearman & Sterling are acting as legal counsel to Global X. Morgan Lewis and Shin & Kim are acting as legal counsel to Mirae Asset.
ABOUT GLOBAL X
Seeking to provide access to high-quality and cost-efficient investment solutions, Global X is a New York-based sponsor of exchange-traded funds (ETFs). Founded in 2008, Global X is distinguished by its Thematic, Income and International ETFs. Global X is recognized as a leader in providing intelligent investment solutions for its shareholders.
ABOUT MIRAE ASSET GLOBAL INVESTMENTS
Mirae Asset Global Investments is the asset management business of Mirae Asset Financial Group, one of Asia’s largest independent financial companies with approximately $408 billion in assets globally across investment banking and brokerage, life insurance and investment management. With approximately 744 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, South Korea, the firm manages US$126 billion in assets globally as of May 31, 2018 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.
Investing involves risk, including the possible loss of principal.
Carefully consider the Global X Funds’ investment objectives, risk factors, charges, and expenses before investing. This and additional information can be found in the Funds’ summary or full prospectus, which may be obtained by calling 1-888-GX-FUND-1 (1.888.493.8631), or by visiting www.globalxfunds.com. Please read the prospectus carefully before investing.
Global X Management Company, LLC serves as an advisor to the Global X Funds. The Funds are distributed by SEI Investments Distribution Co., which is not affiliated with Global X Management Company, LLC, Mirae Asset Global Investments Co., Ltd or any of their affiliates.
This article provided by NewsEdge.