Mirae Asset Global Investments said Monday that it had signed an MoU with Yuanta Asset Management, the leader in the Taiwanese ETF market, to enhance mutual cooperation in the exchange traded funds (ETFs) sector.
To expand the global ETF market, both companies have agreed to develop new ETFs, share ideas and provide ETF investment consulting services. In addition, the two plan to discuss ways to create synergy through regular business exchanges.
As of the end of September, Yuanta Asset Management made up 78 percent of the Taiwanese ETF market’s net assets and half of the listed ETFs. It is Taiwan’s No.1 ETF operator.
Yuanta Financial Holdings, the holding company of Yuanta Asset Management, engages in banking, venture capital, futures, investment consulting services, etc. across Asia, including South Korea, Taiwan, Hong Kong and China.
“The MoU signed between the two leading ETF operators represents a great step forward for the development of the ETF market. I expect that our mutual cooperation will lead to providing investors with novel, innovative ETFs,” said Jeong Sang-kee, vice chairman of Mirae Asset Global Investments