SEOUL, Aug. 18 (UPI) — South Korea’s Mirae Asset Global Investments said Wednesday that it had acquired Australia’s leading robo-adviser Stockspot at $18 million.
The Seoul-based financial outfit will acquire a 53% stake with the investment and plans to purchase the remaining stake later.
Since its foundation in 2013, Stockspot has surfaced as the No. 1 robo-adviser in the Australian market. The Sydney-headquartered entity ran more than $430 million as of this June with a customer base of 13,000.
Mirae Asset went on a shopping spree over the past several years in the global financial market, purchasing exchange trade funds, or ETFs, which are designed to track an index just like index funds.
Earlier this year, it snapped up European ETF market maker GHCO.
In 2018, it purchased Global X, an issuer in New York, and bought ETF Securities of Australia last year. The corporation is also an owner of Canada’s Horizons ETFs.
“We firmly believe in and continue to embrace digital transformation and technology as a means to provide investors with leading and highly accessible solutions,” Mirae Asset Chairman Park Hyeon-joo said.
“Stockspot’s commitment to transparency, technological excellence, and its investors aligns perfectly with Mirae Asset’s business philosophy to embrace the future with an open mind. Our investment supports Stockspot’s continued growth and ability to deliver quality investment and portfolio management outcomes for all investors.”
Stockspot CEO Chris Brycki expressed a synergy effect.
“This investment is a resounding validation of Stockspot’s vision to make investment advice accessible to all Australians and enable individuals to achieve their financial dreams,” he said.
“With Mirae Asset Global Investments’ support, we are poised to reshape the investment landscape and redefine how Australians approach wealth management,” he added.