ETF Cooperation
Mirae Asset Global Investments announced on Dec. 14 that it has signed a memorandum of understanding (MOU) with Yuanta Asset Management, the leader in the Taiwanese ETF market, to cooperate in the exchange traded funds (ETFs) area.
Mirae Asset has established global networks in 12 countries, and expended to the ETF area as its next growth engine. With the latest strategic partnership, its business will accelerate further.
Under the agreement, the two companies will jointly develop new ETF products and share ideas in order to expand their global ETF businesses, provide investment consulting services on the ETF, and continuously discuss ways to create mutual synergy effects through exchanges on a regular basis.
Yuanta Asset Management is the leader in the ETF area in Taiwan, which accounts for 78 percent of net assets in the Taiwanese ETF market and half of listed ETFs as of the end of September. Yuanta Financial Holdings, the parent company of Yuanta Asset Management, offers banking, venture capital, futures and investment consulting services throughout Asia, including Korea, Taiwan, Hong Kong and China, as well as the nation’s first and number one Yuanta Securities.
Starting with the takeover of BetaShares, which accounted for 20 percent of Horizons ETFs, the leading ETF management company in Canada, and capital inflow to the Australian ETF market in 2011, Mirae Asset Global Investments currently provides 173 ETFs in six countries. Its size in the global market is worth 11.3 trillion won (US$9.53 billion). The company is seeing a steady growth with an increase of 1.7 trillion won (US$1.43 billion) this year alone.