Mirae Asset Global Investments buys Australian robo-advisor firm

Purchasing a 53% stake in Stockspot, the company aims to enhance AI-driven financial services

Mirae Asset Global Investments buys Australian robo-advisor firm
Man-Su Choe 1
2023-08-16 11:40:48 bebop@hankyung.com
Mergers & Acquisitions

South Korea's Mirae Asset Global Investments announced its acquisition of Stockspot, a prominent Australian robo-advisor specialist.

In a statement released on Wednesday, the investment giant revealed it purchased about 53% of Stockspot's shares for about 28 million Australian dollars ($17.9 million). Mirae Asset Global Investments also hinted at further acquisitions, with plans to secure the remaining shares under a predetermined option contract structure.

Stockspot, since its inception in 2013, has grown significantly. As of last June, it managed assets equivalent to approximately $426 million, making it a forerunner in the Australian robo-advisory domain.

The strategic acquisition aligns with Mirae's roadmap to spearhead AI-driven financial services and to penetrate the Australian pension market more deeply.

"This move positions us to actively target not only the Australian market but the broader global financial spectrum," Mirae Asset Financial Group chairman Park Hyeon-Joo said. "We will consider the robo-advisor as another new growth engine and provide differentiated services."

Write to Man-Su Choe at bebop@hankyung.com
#Mirae Asset Global Investments #Stockspot #Australian #robo-advisor #AI-driven financial services

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