South Korea’s Mirae Asset Global Investments has agreed to acquire Global X Management Company, a New York-based ETF provider, for an undisclosed sum.
Global X specialises in thematic growth, income and international ETFs, and manages around $10bn in assets.
The acquisition offers Mirae Asset a presence in the US. The company also owns other ETF operations- Horizons in Canada, BetaShares in Australia and Tiger ETF in Asia.
Global X will retain its brand following the takeover, while its president Luis Berruga will now become CEO of the combined entity.
The deal is slated to be completed in the third quarter of 2018, subject to shareholder and regulatory approvals.
Mirae Asset president and global head of ETFs Taeyong Lee said: “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.
“Through this merger, we expect to enhance our strong tradition of offering innovative investment solutions and that we will be able to continue to deliver high quality products and services.”
Global X co-founder Jose Gonzalez said: “Global X and Mirae Asset’s cultures and product suites are a great fit, and I have no doubt that the combined capabilities will enhance the solutions and service that we provide to investors in our funds, and as a result accelerate the success of the combined business globally.”