Mirae Asset Asset Management’s global expansion strategy is cruising. The net assets of exchange-traded funds (ETFs) operating around the world are on the verge of exceeding 400 trillion won. In particular, as ETFs listed on overseas markets account for nearly 70% of the total, Mirae Asset Group Chairman Park Hyun-joo’s global management strategy is bearing fruit. According to Mirae Asset Asset Management on the 14th, the company’s ETF net worth was 367 trillion won as of the end of February. Since introducing the “TIGER ETF” in Korea in 2006, it is about to surpass 400 trillion won in about 20 years. The growth rate is also steep. It took 16 years for global ETF net assets to exceed KRW 100 trillion, but it took less than three years to reach KRW 200 trillion. Half a year was enough to hit 350 trillion won from 250 trillion won in the second half of last year.
Behind this rapid growth lies Mirae Asset Group’s strategy to target the global market. Mirae Asset Asset Management, which entered the global market by listing ETFs on the Hong Kong Stock Exchange for the first time in Korea in 2011, expanded its scope by acquiring and acquiring local ETF managers such as Canada’s “Horizonts ETFs” in the same year, the U.S. “Global X” in 2018 and Australia’s “ETF Securities” in 2022. As of the end of February this year, Mirae Asset Asset Management’s net assets in overseas ETFs amounted to 245 trillion won.
The strategy of acquiring promising local management companies and releasing customized products is also paying off. In the U.S., the size of operating assets, which was only KRW 8 trillion at the time of the acquisition of Global X, has already exceeded Korea and is on a full-fledged growth trajectory. Global X US ETF net assets reached 137.5 trillion won as of the end of February this year after opening the era of 100 trillion won at the end of last year. In Canada, the popularity of Income-type products has increased the ETF management assets to around 50 trillion won. Mirae Asset Asset Management plans to diversify its product portfolio by taking the opportunity to list SpaceX, which has recently attracted attention as the largest-ever initial public offering (IPO). The “TIGER U.S. Space Tech” ETF, which was listed on the same day, is a representative example. The product has applied incorporation rules to quickly reflect SpaceX’s listing events. When SpaceX is listed, the underlying index will be incorporated based on the closing price two business days after the listing date, and ETFs are also designed to be reflected in the portfolio within three business days after listing.
[Reporter Kim Jihee]
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