The Mirae Asset Tiger ETF Series and its eight sub-funds have been renamed using the Horizons ETF brand following Mirae’s acquisition of the Canadian ETF provider last year.
That deal saw Mirae’s asset under management quadruple in value.
The Hong Kong-listed ETFs, of which seven were launched on 27 January 2012 and one (renamed Horizons KOSPI 200 ETF) on 17 January 2011, also stand to benefit from the relationship that has brought together the global expertise and resources of Horizons ETFs Management (Canada) and the strong regional track record of Mirae Asset, which is one of the largest investors in emerging market equities.
Jung Ho Rhee, chief executive officer of Mirae Asset Global Investments (Hong Kong), says: "The rebranding exercise will give added premium to the ETFs’ heritage as the Horizons name reflects a model franchise with a sterling track record in Canada, which Mirae Asset highly appreciates. This mutually-beneficial cross-border partnership will enable us to more efficiently capture investment opportunities around the world, strengthen our aptitude for innovation and create products to meet the evolving needs of our investors in Hong Kong."
On 14 November 2011, Mirae Asset acquired an ownership stake of approximately 85 per cent in Horizons Canada, whose ETF family is the largest in Canada by number of funds with 79 ETFs listed on the Toronto Stock Exchange. The acquisition boosted Mirae Asset’s global ETF assets under management to approximately USD5.5bn from USD1.1bn, previously (as of 30 September 2012). Mirae Asset’s majority stake includes Horizons Canada’s majority interest in Australia-based BetaShares.
Mirae Asset’s global ETF business is managed out of offices in Australia, Canada, Hong Kong, Korea, the US and, more recently, Latin America.
"Having a unified brand under the Horizons banner will only help us to achieve greater recognition for our global ETF business," says Howard Atkinson, global head of ETF sales and marketing. "Our goal is that wherever we go in the world, investors will see the Horizons brand and recognise it as a standard of excellence in ETFs."
