South Korean asset management firm Mirae Asset Global Investments announced its acquisition of Australia's leading robo-adviser, Stockspot. Mirae Asset will initially secure a 53% stake in Stockspot for AUD28m (USD18m), with plans to increase this stake in phases. Established in 2013 in Sydney, Stockspot has a client base of 13,000 and manages AUD650m in assets. Mirae Asset, a global leader in the exchange-traded fund (ETF) business, operates over 540 ETFs across various countries and managed KRW130tr (USD119bn) as of July. This acquisition is part of Mirae Asset's strategy to enhance its global presence in the AI and robo-advisor sectors, which are emerging as key growth areas in the financial industry. Mirae Asset also plans to expand into Australia, the world’s fourth-largest pension market, through collaboration with Stockspot and Global X Australia, its ETF subsidiary.
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