Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Mirae Asset's Japanese joint venture tops W1 tril. in assets under management
Mirae Asset Financial Group's headquarters in Seoul / Courtesy of Mirae Asset Financial Group
By Lee Min-hyung
By Lee Min-hyung
Global X Japan ― a joint venture co-established by Mirae Asset Global Investments and Daiwa Securities ― has attained assets under management (AUM) worth 100 billion yen (1 trillion won) in almost two years since releasing its first product there.
The joint venture is Japan's sole asset manager focusing on exchange-traded funds (ETF). Global X, Mirae Asset's U.S. ETF subsidiary, joined hands with Japan's Daiwa in September 2019 for the establishment of the company.
“Even if sales of thematic or other forms of specially designed ETF products are still in their infancy in the Japanese market, local retail investors, as well as some Korean institutional investors such as big insurers, are paying growing attention to the investment area there,” a spokesperson at Global X Japan said. “Given the scale of the Japanese economy, the market is forecast to achieve sustainable growth down the road. We are going to tighten our presence in Japan, and diversify our ETF product lineups for investors to narrow their investment options.”
Global X Japan has focused on launching thematic or income ETFs after opening its business there. The company released a total of 27 ETF products in the Japanese market after listing its Global X MSCI SuperDividend Japan ETF on the Tokyo Stock Exchange in August 2020. The company has since launched other overseas-themed ETFs, investing in the U.S. market, to diversify its revenue streams there.
Global X was established in 2008 under the catchphrase Beyond Ordinary ETFs, and is considered a rising star in the U.S. The world's largest economy accounts for more than 70 percent of the global ETF market.
As of the end of 2022, Global X secured AUM worth a total of $41.5 billion in the global market, including in the U.S., Hong Kong, Europe, Japan, Australia and Brazil.
Mirae Asset acquired Global X for $480 million in February 2018.