 |
| A promotional image for Stockspot's customer service / Courtesy of Mirae Asset Global Investments |
By Lee Min-hyung
Mirae Asset Global Investments has acquired a 53-percent stake in Australia's leading robo-adviser Stockspot for around 24 billion won ($180 million), to accelerate its expansion into the artificial intelligence (AI)-converged financial market, the company said Wednesday.
The Korean asset management company aims to focus more on developing hyper-accurate and customized financial products by utilizing Stockspot's technological prowess in AI and automated financial advisory systems.
Stockspot offers AI-driven asset management services based on each individual's investment patterns via its big data analytic tools. The company has around 13,000 customers and offers diverse financial services, such as investment consultation and financial portfolio management to them.
"Mirae Asset will aggressively expand its footing into the next-generation financial market featured with the AI and robo-advisory services," Mirae Asset Financial Group founder and Global Strategy Officer Park Hyeon-joo said.
Global asset management firms and investment banks are also paying close attention to the AI-driven financial market. In 2015, Blackrock acquired FutureAdvisor, an automated investment advisory firm, and Goldman Sacks took over U.S. retirement savings platform operator, Honest Dollar, the following year.
This year marks the 20th anniversary since the Mirae Asset affiliate started expanding its overseas presence. The company is one of the country's main asset managers, operating businesses in 14 countries across the globe ― including the U.S., Canada, Australia and Hong Kong. The firm's assets under management currently reach around 287 billion won.
Mirae Asset also aims to widen its influence in the Australian financial market through the latest deal. The company already operates an exchange-traded fund (ETF) affiliate in the country, Global X Australia. Generating synergies with the company and Stockspot, Mirae Asset is also gearing up for an expansion into Australia's pensions market.
![[INTERVIEW] 'Now is time for Koreans to unlock potential in Africa'](https://img.koreatimes.co.kr/upload/thumbnailV2/9236a17d88ea472b862b237c9788069d.jpg/dims/resize/178/optimize)
![[INTERVIEW] Meet the man behind giant rubber ducks that once took over Seoul](https://img.koreatimes.co.kr/upload/thumbnailV2/df32c60c8204448e98ccdb9841366bec.jpg/dims/resize/178/optimize)
