Mirae Asset rebrands Canadian subsidiary to Global X

South Korea's Mirae Asset Global Investments Co. announced on Thursday that it will change the name of its Canadian exchange-traded fund (ETF) management subsidiary Horizons ETFs to Global X Canada in May.

Horizons ETFs is the fourth-largest ETF manager in Canada, acquired by Mirae Asset in 2011. The assets under management, which were around C$3 billion ($2.2 billion) at the time of acquisition, have grown more than tenfold to C$32 billion ($23.3 billion) as of the end of Feb. this year.

The number of products has increased from 70 to 119, and despite the global economic downturn last year, assets under management increased by C$7.6 billion ($5.6 billion).

Mirae Asset expects that the latest name change will enhance the brand value of Global X in the global ETF market and leverage synergies in overseas business.

Mirae Asset Global Investments is in the process of integrating the ETF brands of overseas subsidiaries in 16 countries under the name Global X. It has already rebranded subsidiaries in Hong Kong, Colombia, Brazil, and Australia.

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