Korean top asset management firm gobbling up Australia’s leading robo-adviser
South Korea’s Mirae Asset Global Investments announced on Aug. 16 that the financial entity had acquired Australia’s foremost robo-adviser Stockspot.
Mirae Asset spent some 24 billion won ($18 million) to purchase a 53-percent stake in Stockspot. The former plans to snap up the remaining stake in due process.
Since its establishment in 2013, Stockspot has emerged as the business bellwether in the Australian digital investment space, having pioneered robo-advice.
As of the end of this June, the Sydney-based outfit managed more than $430 million, with its customer base amounting to around 13,000 clients.
In particular, its business has grown by up to five times since its last raised capital in 2019.
Over the past two decades, Mirae Asset has tapped into the global market in a brisk way. Currently, the financial powerhouse operates 287 trillion won ($210 billion) across 14 countries and regions.
The Seoul-headquartered corporation runs more than 540 ETFs around the globe with net assets of 130 trillion won ($100 billion) as of the end of last month.
Short for Exchange Trade Funds, ETFs track an index as compared to index funds. They are regarded as low-risk investments because of their diversification, affordable management feeds, and high price visibility.
On top of ETFs, Mirae Asset has put forth efforts to stand out in the potential-loaded robo-adviser market.
“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. He also works as global strategy officer.
“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 founding CEO Chris Brycki welcomed the investment, dubbing Mirae Asset as “a renowned leader in the global financial services industry.”
“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 noted.
“With Mirae Asset Global Investments’ support, we are poised to reshape the investment landscape and redefine how Australians approach wealth management.”