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Mirae Asset buys $10 billion ETF issuer Global X

Mirae Asset buys $10 billion ETF issuer Global X

South Korean asset manager Mirae Asset Global Investments has agreed to buy New York-based exchange-traded funds (ETFs) provider Global X.

Global X, which is partly owned by J.P. Morgan, manages $10 billion in ETFs.

For Mirae Asset, this deal will see the company gain entry into US’ $3 trillion ETF sector, adding to its existing ETF businesses, such as Horizon in Canada, BetaShares in Australia, and Tiger ETF in Asia.

The combination of these ETF businesses represent $30 billion in assets under management.

Partnering with Mirae Asset will give Global X access to expand its thematic, income and international ETF solutions and to broaden its distribution capabilities.

‘This merger is a landmark event for the Mirae Asset Global ETF business development,’ said Taeyong Lee, president and global head of ETFs at Mirae Asset.

‘With Global X on board, we are now connecting one of the most successful US ETF firms to a prominent Asian-based global ETF manager, creating a powerful ETF platform.’

The transaction, currently pending third party approvals, is expected to close in the third quarter.

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