Mirae Asset, Bloomberg to team up to develop ETFs

Mirae Asset Global Investments Co., an asset manager under South Korea's financial service giant Mirae Asset Financial Group, will develop exchange-traded funds (ETFs) jointly with Bloomberg as part of the Korean company’s global expansion and digital transformation efforts.

The leading asset manager in Asia operating in 16 markets announced on Thursday that it signed a memorandum of understanding with the US-headquartered leading global business and financial information provider for strategic data and technology collaboration.

The partnership marks the first time a Korean financial service company has formed a strategic business partnership with Bloomberg, according to Mirae Asset.

Under the term, they will join hands to develop new ETFs as well as to explore various other collaboration opportunities in digital transformation, data solutions and innovations based on Bloomberg solutions tailored to Mirae Asset.

The Korean asset manager pins high hopes for its new partnership with Bloomberg for rapid global expansion.

“The growing scale of our business is in constant demand of integrated technologies and high-quality data solutions,” said Kim Young-hwan, head of Mirae Asset Global Investments.

“We look forward to collaborating with Bloomberg as we fully utilize the expertise of both parties to help investors from different parts of the world achieve their long-term objectives.”

Dahai Wang, head of North Asia at Bloomberg, joined Kim at the signing ceremony held in the Bloomberg Seoul office on Thursday.

Mirae Asset Global Investments operates in more than 50 countries, offering a wide range of investment products to international investors. Its assets under management stood at $213 billion as of September 2023.

It is also a major ETF provider on the global stage, managing four ETF brands – Mirae Asset, Global X, TIGER ETF and Horizons. Its ETF assets under management total $98 billion.

Bloomberg is a global business and financial information provider, delivering data, news and insights.

Write to Man-Su Choe at bebop@hankyung.com

Sookyung Seo edited this article.