Mirae Asset buys into Canadian asset

Mirae Asset Financial Group, South Korea\'s leading mutual fund manager, said Sunday it has signed a deal to acquire a controlling stake in a Canadian asset manager as it pushes to expand overseas. Under the deal, Mirae Asset will take over an 85 percent stake in BetaPro Management Inc. for US$131.5 million, it said in a statement. The two companies signed an agreement in Toronto on Thursday (local time). Established in 2005, BetaPro Management oversees the largest exchange-traded fund (ETF) family in Canada and $3.1 billion in assets. In addition, Mirae Asset is set to own an 80 percent stake in AlphaPro Management Inc. and a 40 percent stake in Australia-based BetaShares Holdings Pty. The move is expected to help Mirae Asset strengthen its foothold in the Canadian and Australian ETF markets. Assets in ETFs globally are expected to increase 20-30 percent annually over the next few years. \"Mirae Asset is traditionally very strong in actively managed products and through this transaction we expect to offer our clients a more diversified product lineup with a varied and high-quality suite of ETF products,\" said group chairman Park Hyeon-joo. Park also said the financial group aims to increase its global assets to 100 trillion won (US$94 billion) within five years and said he may consider additional merger and acquisition moves in the future. In May, Mirae Asset acquired a 60 percent stake in Taiwan Life Asset Management Co., Taiwan\'s seventh-largest life insurer, as part of its efforts to bolster its position in Asia.