Mirae Asset Global Investments announced on Jan. 11 that its Canadian ETF subsidiary, Horizons ETFs, has surpassed 30 billion Canadian dollars in assets under management. Acquired by Mirae Asset Global Investments in November 2011, Horizons ETFs has grown its assets about ninefold from the initial CA$3 billion to CA$30.5 billion (US$22.8 billion). The number of products offered has also increased from 70 to 121.
Canada is a major global ETF market following the United States and Europe. As of November last year, the Canadian ETF market, according to ETFGI, had about CA$401 billion with over 1,100 products listed. Horizons ETFs has grown to become the fourth largest ETF manager in Canada by assets under management. The Canadian ETF market is currently dominated by major banks’ affiliated managers, who hold over 50% market share. Following these bank affiliates and the largest asset manager in the United States, Vanguard, Horizons ETFs is leading the Canadian ETF market as the fourth largest manager.
President Kim Young-hwan of Mirae Asset Global Investments commented, “We will strive to introduce competitive products that reflect the demands of local investors in the Canadian ETF market, which is a major global market with high growth potential.”