Evan Metcalf

Mirae Asset Global Investments (Mirae Asset), a leading global investment manager, has announced that its exchange traded fund (ETF) business has surpassed US$100 billion^[1] ($147 billion) in assets under management (AUM). This significant milestone reflects sustained demand for Mirae Asset’s innovative ETF products across the Americas, in Europe, Asia and Australia.

Over the past five years, Mirae Asset’s ETF business has undergone extraordinary growth, witnessing a 350% surge in AUM^[2]. This success can be attributed to the continued diversification of its product strategy and the growing recognition of its four ETF brands: Global X ETFs, TIGER, Horizons ETFs, and Mirae Asset.

With an impetus on high-quality investment solutions that adapt to global investors’ needs, Mirae Asset has now established itself as the 13th largest ETF provider globally and has surpassed the entire Korean ETF market in terms of AUM size ($82.55 bn).^[3]

“We are extremely proud of the global team we have built and remain committed to expanding the capabilities of our investment platform,” said Hyeon-Joo Park, Global Strategic Officer at Mirae Asset.

“Our global ETF franchise will serve as a strong foothold as we leverage our synergies across markets and offer investors unequalled exposure to disruptive themes, access to international markets, and tools that help them achieve their investment objectives,” he said.​

Since launching its first ETF in Korea in 2006, the TIGER ETF, Mirae Asset has expanded in core markets by acquiring key ETF providers; it now offers over 530 ETFs across a broad spectrum of asset classes, thematic and geographic areas.

Global X ETFs CEO Evan Metcalf welcomed the milestone and predicted that Global X’s expansion in Australia would mirror its success in offshore markets. “Investors can access key investment themes on the ASX through Global X ETFs, which now total 33. We offer Australians the opportunity to invest in disruptive technology, decarbonisation, commodities, artificial intelligence, and much more, to build their wealth now and well into the future,” he said.

“With the local exchange traded product (ETP) industry striking a record size of $146 billion in June 2023,^[4] we expect ongoing strength in the local ETF market and a greater uptake of Global X ETFs to help rapidly expand our local presence,” Metcalf said.

With the global ETF AUM expected to grow to US$15 trillion in 2027, Mirae Asset plans to strengthen and differentiate its innovative ETF business to meet investors’ needs.​

“We leverage our extensive global network to conduct exhaustive analyses of local markets and offer pioneering products distinguished by their thematic and income-oriented focus, instead of solely relying on market index offerings,” said Young Kim, the Head of the Global Business Unit at Mirae Asset. “Moving forward, we remain dedicated to introducing competitive products that cater to the discerning needs of our valued investors.”​

In addition to its strategic acquisitions, Mirae Asset has cultivated organic growth and maintains a robust foothold in well-established markets like Brazil, Colombia, Europe, India, Korea, Vietnam, Hong Kong and Japan, where it formed a joint venture with Daiwa Securities in 2019.

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Notes:
[1] Source: Mirae Asset, June 30, 2023.
[2] Ibid.
[3] Ibid.
[4] Source: ASX Investment Product Summary – June 2023.

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McGrath will work across Mirae Asset’s Alternatives Investments portfolio which specialises in real estate, infrastructure, private debt and venture capital. This includes stakes in the Victorian Desalination Plant, Eastlink and the Four Seasons Hotel in Sydney.

McGrath will report to Head of Alternative Investments, Luke Gersbach.

McGrath will lead Mirae Asset’s Australian venture capital activities, with Mirae Asset currently closing its first Australian focused fund.

McGrath brings over 10 years’ experience in investment banking, venture capital and private credit to the role. He joins Mirae Asset from OneVentures, where he completed a range of venture capital and venture debt investments over the past 6-years. This includes being one of the first investors in Employment Hero, which won the AIC’s 2022 VC Deal of the Year. Other notable investments include Zoomo, Eucalyptus, InDebted, Shippit and Phocas.  McGrath has also previously held roles with Allier Capital and Citi.

Luke Gersbach, Head of Alternative Investments says he is delighted to welcome McGrath to Mirae Asset Global Investments.

“We are pleased to welcome James to Mirae Asset. The expansion of our alternatives team, with a focus on venture capital, expresses our commitment to supporting Australia’s start-up landscape,” Mr Gersbach said.

Globally, Mirae Asset Financial Group is a major player in venture capital with $2.5b in FUM, including investments in DiDi, Impossible Foods and Zomato.

Most recently in August 2022 they led a US$250M round into Elon Musk’s SpaceX. Australian venture capital investments include web3 platforms Immutable X and Animoca Brands.

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Anthony has over 10 years’ experience and joins from Westpac where he held multiple roles across the institutional business, including corporate advisory, credit derivatives markets, and since 2016, Debt Capital Markets. Anthony’s previous experience includes roles with Credit Suisse and Taifook Asset Management in Hong Kong. Anthony holds a Master of Applied Finance (Macquarie University), Bachelor of Commerce (University of New South Wales) and Bachelor of Pharmacy (University of Sydney).

Anthony’s appointment strengthens Mirae’s alternatives business which operates primarily in real estate, infrastructure, private debt and venture capital.

Luke Gersbach, Mirae’s Head of Alternative Investments announced the new appointment noting: “We are pleased to welcome Anthony to Mirae Asset Global Investments. The expansion of our alternatives team demonstrates our commitment to growing our business in the alternatives space as we are increasingly attracted to the risk-return profile of the Australian market.”

Kris Walesby, Mirae’s Chief Executive Officer added: “The addition of Anthony to our Alternatives business enhances our ability to source quality investments for our clients. With Anthony’s skills and experience, we will be well placed to grow this area of our business.”

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Kris Walesby

Mirae Asset Global Investments, a leading global investment manager with over AUD 305 billion in assets under management^[1], has appointed Citi Australia as its provider of custody and fund administration services for its Australian traditional fund business.

With over $30 trillion^[2] of assets under custody and administration and the industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides clients with extensive on-the ground local market expertise, innovative post-trade technologies, customised data solutions, and a wide range of custody and fund services.

Kris Walesby, Chief Executive Officer, Mirae Asset Australia noted: “We are delighted to partner with a highly experienced partner such as Citi as we strategically look at growth in Australia.”

“Mirae Asset Global Investments works closely with Citi in a number of markets globally, and we look forward to their support and enhanced infrastructure further enabling us to provide a quality experience for current and future investors in Australia.”

Oliver Reynolds, Chief Operating Officer, Mirae Asset Australia added: “We are expanding in Australia and our trusted partnership with Citi will enable us successfully execute our expansion of products, across both passive and active investment solutions and grow our investor base.”

“We have expanded our presence in Australia as well as increasing investment in our people and overall platform in the last couple of years. Having Mirae Asset Global Investments select Citi for their custody and fund administration needs is a validation of those efforts and we are honored to be able to work with Mirae Asset Global Investments in Australia as we already do in a number of geographies,” said Martin Carpenter, Citi’s Head of Securities Services in Australia.

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[1] We currently invest over AUD 305 billion on behalf of clients, giving us the scale and experience to identify opportunities in a changing world (AUM as of 31 October 2021)
[2] As of Q2 2021. AUC/A figure separately represents gross assets for which Citi provides Global Custody and sub-custodian services via its Direct Custody and Clearing business and includes Issuer Services. Citi previously reported AUC/A numbers on a net basis, therefore discounting assets serviced by both businesses

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This follows the earlier appointments in July of Kris Walesby as the CEO, and Oliver Reynolds as the COO for the region.

Olya Zenchenko, an experienced marketer, joins Mirae as the Marketing Manager from the Pendal Group, where she was involved with developing successful marketing strategies targeted at financial advisers. She has also worked at Conexus Financial and PWC in various sales and marketing roles.

Rose Nguyen joins the team as the new Alternative Fund analyst, utilising her experience of working across financial services, advisory firms and fund services. She has worked previously at Apex Fund Services as a Hedge Fund Accountant.  Prior to that, she was at Stafford Capital Partners as a Fund Administrator and at BNP Paribas Securities Services.

Kris Walesby CEO, Mirae Asset Australia noted: “We are very pleased to attract professionals of such a high calibre as we strategically look at growth in Australia. We look forward to our strengthened team working cohesively towards building a strong Australian identity.

“We are seeking to position the firm as the market-leading asset manager that brings innovative investments to all Australian investors, from retail to wholesale to institutional.

“We are at an exciting period right now and look forward to launching our new suite of Global X and venture capital products to the Australian market in 2022,” said Walesby.

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[1] Mirae Asset Global Investments currently invest over A$284 billion on behalf of clients, giving us the scale and experience to identify opportunities in a changing world (AUM as of September 2021)

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Kris Walesby

Mirae Asset Global Investments, a leading investment manager with over $280 billion in assets under management, has announced the appointment of Kris Walesby as the CEO for its Australian operations.

In addition to Walesby’s appointment, Oliver Reynolds also joins Mirae Asset Global Investments as the COO for the region.

Both these senior appointments signify Mirae Asset’s strategic move to grow its business in Australia.

Walesby, a seasoned investment professional, joins Mirae Asset from ETF Securities as its CEO for five years, where was responsible for establishing ETF Securities as one of Australia’s leading ETF provider. He previously worked in London for various investment managers, including Blackrock and, before moving to Australia in 2015, as head of capital markets for Europe, Middle East and Africa at Invesco Powershares.

Reynolds has extensive funds management experience across a range of asset managers and asset classes. He was most recently the Chief Financial Officer at Coolabah Capital. He has also worked in senior positions across the XTB group, Blackrock Asset Management and Westpac.

Young Kim, Head of Global Business at Mirae Asset Global Investments, welcomed Walesby and Reynolds to the Australian team.

He says: “Combined with Kris’s deep knowledge and understanding of investment management sector and his successful track record in growing businesses and developing people, we look forward to his contribution towards strengthening the Australian business.”

Walesby says he is excited and privileged to be appointed to the new leadership position at Mirae Asset.

“My goal as CEO is to position the firm as the market-leading asset manager in Australia providing innovative investments. We want to be regarded by clients, and broader communities, for consistently providing the best of breed investment solutions.

“With the combination of Mirae Asset’s deep fund management expertise and the local knowledge of the existing team, we hope to establish a strong Australian identity,” he adds.

Mirae Asset remains active in Alternative Investments across the region led by Luke Gersbach, and despite a relatively subdued appetite for such investments during the Covid – 19 pandemic, Mirae Asset continues to explore opportunities across the Alternative asset spectrum of private debt, private equity and real estate.

The Australian equity distribution will continue to be supported by Don Gunawan as Head of Australian business development. He will oversee the distribution of Mirae Asset Global Investments Asia ex-Japan Equity Funds to Australian institutional and wholesale/retail investors.

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