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Money Management

Mirae to acquire ETF provider Global X

Mirae Asset Global Investments Co., Seoul, will acquire Global X Management Co., a New York-based exchange-traded fund provider with roughly $10 billion in assets under management, according to an announcement by the two companies.

A spokesman for Global X said terms of the deal aren't being disclosed. A Mirae spokesman couldn't be reached immediately for comment.

The deal, expected to close in the third quarter, will give Mirae a U.S. ETF business to complement its existing ETF businesses in Canada, Australia and Asia, the news release said. It said the businesses will have combined assets under management of $30 billion.

Upon completion of the deal, Luis Berruga, the president of Global X, will become CEO. The firm's two co-founders, Jose Gonzalez and CEO Bruno del Ama, will be leaving the firm, the spokesman said.