Mirae Asset's Aussie unit surpasses $10b in AUM
Global X Australia, an exchange-traded fund manager under Mirae Asset Global Investments, has garnered over 10 billion Australian dollars (9 trillion won) in assets under management, showing sharp growth, according to the firm's announcement on Monday.
The Aussie ETF provider's AUM recorded a double-fold increase from the $4.64 billion in 2022 when Mirae Asset acquired the firm, to hitting the $10 billion milestone in just three years.
With the AUM, it is the fifth largest ETF manager on the Australian market, following Vanguard, Betashares, iShares and VanEck.
One of the major drivers behind the sharp growth of Global X Australia was the company's diverse ETF lineup linked to raw materials. The ETF provider offers diverse investment products tied to gold, able to respond to the strong demand for gold, a safe-haven asset.
The firm offers Global X Physical Gold, a spot gold ETF launched in 2003, which was the first ETF tied to the gold spot price, along with Global X Gold Bullion and Global X Gold Bullion Currency Hedged.
Mirae Asset plans to continue to showcase its core products in the Australian market to bring up the market share, targeting the pension market with its robo-advisor Stockspot.
As of end-2024, the Australian pension market is the fifth largest in the world and is expected to become the No. 2 by 2030, outrunning Canada and the UK, the company explained.
"We will try to strengthen the ETF business by introducing products that are attractive for Australian investors, especially targeting pensioners as their long-term investment partner," Global X Australia CEO Alex Zaika said.
"Global X Australia has led balanced growth in terms of quantity and quality, through an expansion of product lineup, rebranding,and leadership shuffle since 2022," Kim Young-hwan, who leads innovation and global business at Mirae Asset Global Investments, said
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