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Follow on Google News | Mirae Asset agrees to acquire majority stake in BetaPro, a leading Canadian asset manager...Mirae Asset agrees to acquire majority stake in BetaPro, a leading Canadian asset manager specializing in innovative ETFs
Under the agreement, Mirae Asset and the minority shareholders in BetaPro (current management) will also own stakes of 80% in AlphaPro Management Inc. (“AlphaPro”) Upon completion, Mirae Asset gains a foothold in the Canadian and Australian markets. Using potential synergies between Mirae Asset’s global network and BetaPro’s expertise, Mirae Asset will expand its ETF business in the global markets. Mirae Asset’s TIGER ETF, which is listed on the KRX (Korea Exchange) and HKEX (the Stock Exchange of Hong Kong Limited), had assets of approximately US$1.1bn as of June 30, 2011. Mirae Asset’s global ETF assets under management will be approximately US$4.2bn when BetaPro and its affiliates are acquired. Assets in ETFs globally are expected to increase 20-30% annually over the next few years. Industry experts expect global ETF AUM to reach approximately US$2 trillion by early 2012 from just US$74 billion in 20002. In particular, the Australian ETF market, which BetaPro has considerable exposure to through its Australia-based ETF firm BetaShares, is believed to be on an aggressive growth path. Although the Australian ETF market is still in its infancy, its rich natural resources and economic growth potential can create a positive atmosphere for the development of its ETF market through robust economic growth. According to Adam Felesky, CEO of BetaPro: “When combining Mirae Asset’s accumulated expertise in emerging market investing with BetaPro’s differentiated ETF products, focusing considerably on developed Canadian and Australian markets, a far greater level of synergy can be achieved.” Hyeon-Joo Park, Chairman and Founder of Mirae Asset, says: “Mirae Asset respects the current management skills of BetaPro and sees them as an integral part of the future of Mirae Asset.” He adds: “Mirae Asset is traditionally very strong in actively managed products and through this transaction we expect to offer our clients a more diversified product line-up with a varied and high quality suite of ETF products. Mirae Asset is planning to increase its overseas investment over the next several years, based on a combination of robust growth in the domestic and overseas markets.” About Mirae Asset: Mirae Asset Financial Group is a leading independent financial services group in Asia, headquartered in Seoul, South Korea. While the group’s core business is asset management, it also provides comprehensive financial services in the areas of wealth management and life insurance. Mirae Asset Global Investments Group is the asset management arm of Mirae Asset Financial Group. It is one of the largest investors in emerging market equities3. With around 550 employees, including more than 190 dedicated investment professionals (as of 30 June 2011), Mirae Asset Global Investments Group has a presence in Hong Kong, China, Korea, India, Vietnam, Taiwan, Brazil, the United Kingdom and the United States. Mirae Asset Global Investments Group manages over US$53 billion in assets globally (as of 30 June 2011). www.miraeasset.com 1 BetaPro, June 30, 2011. 2 Blackrock ETF Landscape, Industry Highlights, end-H1, 2011 3 One of the largest investors in emerging market equities amongst 54 asset management firms surveyed – Investing in Emerging Market Equities Survey, Investment & Pensions Europe (IPE), Jan., 2011 For further enquiries: Jasmine Yap, Citigate Dewe Rogerson +852 - 2533 4641 jasmine.yap@ Disclaimer: Certain information contained in this document is compiled from third party sources. Whilst Mirae Asset Global Investments (Hong Kong) Limited ("Mirae Asset HK") has used its reasonable efforts to ensure that such information is accurate, complete and up-to-date, Mirae Asset HK makes no representation that the information or opinions contained herein is accurate, reliable or complete, it shall have no responsibility or liability whatsoever for the accuracy or completeness of such information or any use or reliance thereof. Mirae Asset HK accepts no liability for any loss or damage of any kind resulting out of the use of this document except to the extent to which any law prohibits such exclusion. The information and materials provided herein are given on a general basis without obligation and on the understanding that any person acting upon or in reliance on it, does so entirely at his or her own risk. Nothing in this document constitutes investment advice and should not be relied upon as such. Nothing contained in this press release should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction. This document is issued by Mirae Asset HK and has not been reviewed by the Securities and Futures Commission. It may not be reproduced, distributed or transmitted to any person without express prior permission. This document and the information contained herein may not be distributed and published in jurisdictions in which such distribution and publication is not permitted. This press release is intended for Hong Kong distribution only. # # # The Mirae Asset Financial Group provides a broad range of financial services, including asset management, securities, life insurance, capital, venture investment and real estate. The group employs over 11,000 people around the world. End
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