Market Vectors ETFs’ investment adviser, Van Eck Associates Corporation, has entered into an Investment Agreement with Australian Index Investments (Aii). The resulting company, a majority-owned subsidiary of Van Eck Associates Corporation, will be renamed Market Vectors Australia Pty Ltd and will market and distribute exchange-traded funds (ETFs), including six existing Aii ETFs, to the Australian marketplace.
The company currently oversees approximately AUD $30 million in investor assets. The current Aii staff will be retained and led by CEO Annmaree Varelas.
"We are pleased to have entered into this agreement," says Varelas. "We are in a unique position to grow our ETF business by partnering with the very successful US-based Market Vectors ETFs. We hope to increase and improve investment choices available to Australian investors by building a full product line over time."
Varelas has served as CEO at Aii for two years. She also has extensive experience as Manager of Funds, Warrants & Structured Products at the Australian Securities Exchange and was instrumental in establishing the AQUA Market for ETFs in Australia.
"The launch of Market Vectors Australia is an important milestone," says Lars Hamich (pictured), Managing Director of International Business Development at Market Vectors. "We look forward to expanding our global presence in a marketplace ripe with growth opportunity."