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Mirae Asset acquires Australia's No. 1 robo-adviser

The official logo of Stockspot (Mirae Asset Global Investments)
The official logo of Stockspot (Mirae Asset Global Investments)

Mirae Asset Global Investments announced Wednesday that it has acquired Australia’s No. 1 robo-adviser Stockspot.

The Korean assets management firm said it will secure a 53 percent stake in the company in a deal worth 28 million Australian dollars ($18 million), with plans to increase the stake in the future in phases.

Founded in Sydney in 2013, Stockspot is the leading online investment adviser, ranking atop the robo-adviser sector in Australia with a base of 13,000 clients and some 650 million Australian dollars in assets under management.

With 20 years of overseas ventures, Mirae Asset has already established itself as a global leader in exchange-traded fund business. It now operates over 540 ETFs across numerous countries, including the US, Japan, Canada, Australia and India.

As of July, it was managing 130 trillion won ($119 billion) through its extensive global networks.

Through the latest acquisition, Mirae Asset aims to bolster its presence in the global financial market, where artificial intelligence-powered technologies are increasingly being utilized, garnering the attention of key industry leaders. For example, Goldman Sachs Group acquired US-based robo-adviser Honest Dollar in 2016.

“Through the latest acquisition, we aim to actively target the flourishing AI and robo-advisor sectors across the world as they are new driving forces for our future global expansion,” Mirae Asset Group Founder and Global Strategy Officer Park Hyeon-joo said in a statement.

“Our active pursuits of overseas ETF acquisition and mergers have been to provide world-class products and services that cater to the diverse needs of our clients. Going forward, we will deliver another brand of distinguished customer experience by maximizing the potential of robo-advisors.”

Additionally, through collaboration with Stockspot and Global X Australia, another Mirae Asset-owned ETF subsidiary, the South Korean financial company eyes an expansion into Australia, the world’s fourth-largest pension market after the US, the UK and the Netherlands.



By Song Jung-hyun (junghyun792@heraldcorp.com)
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