Mirae Asset acquires Australia's No. 1 robo-adviser

The official logo of Stockspot (Mirae Asset Global Investments)

Mirae Asset Global Investments announced Wednesday that it has acquired Australia’s No. 1 robo-adviser Stockspot.

The Korean assets management firm said it will secure a 53 percent stake in the company in a deal worth 28 million Australian dollars ($18 million), with plans to increase the stake in the future in phases.

Founded in Sydney in 2013, Stockspot is the leading online investment adviser, ranking atop the robo-adviser sector in Australia with a base of 13,000 clients and some 650 million Australian dollars in assets under management.

With 20 years of overseas ventures, Mirae Asset has already established itself as a global leader in exchange-traded fund business. It now operates over 540 ETFs across numerous countries, including the US, Japan, Canada, Australia and India.

As of July, it was managing 130 trillion won ($119 billion) through its extensive global networks.

Through the latest acquisition, Mirae Asset aims to bolster its presence in the global financial market, where artificial intelligence-powered technologies are increasingly being utilized, garnering the attention of key industry leaders. For example, Goldman Sachs Group acquired US-based robo-adviser Honest Dollar in 2016.

“Through the latest acquisition, we aim to actively target the flourishing AI and robo-advisor sectors across the world as they are new driving forces for our future global expansion,” Mirae Asset Group Founder and Global Strategy Officer Park Hyeon-joo said in a statement.

“Our active pursuits of overseas ETF acquisition and mergers have been to provide world-class products and services that cater to the diverse needs of our clients. Going forward, we will deliver another brand of distinguished customer experience by maximizing the potential of robo-advisors.”

Additionally, through collaboration with Stockspot and Global X Australia, another Mirae Asset-owned ETF subsidiary, the South Korean financial company eyes an expansion into Australia, the world’s fourth-largest pension market after the US, the UK and the Netherlands.