Mirae Asset Global Investments' European ETF subsidiary Global X Europe (GX EU) said on the 10th that its assets under management (AUM) surpassed $8 billion.
As of the end of January, GX EU's assets under management totaled $8.03 billion (about 11.5 trillion won). It has been about five years since entering the European ETF market. GX EU's assets under management rose 214.6% during 2023, the highest growth rate among European ETF managers with AUM of $1 billion or more.
GX EU recently hired Gea Blumberg, who served as head of strategy at global asset manager WisdomTree, as co-CEO. It also opened a sales office in Frankfurt, Germany, establishing a local sales framework. GX EU is currently run under a co-CEO structure with Gea Blumberg and George Taylor.
At the inauguration, co-CEO Gea Blumberg said, "The organic growth Global X Europe has achieved over the past three years shows that our innovative product strategy is effectively meeting the needs of European investors," and added, "I am excited to join at this important moment of growth, and I will work closely with George Taylor to expand Global X Europe's market influence across Europe."
GX EU is focusing on the "ETF savings plan" market, which is spreading around neobanks that provide mobile-based financial services, as a key distribution channel. The market is expected to grow from about $275 billion in 2024 to $673 billion in 2028.
On the product side, it manages a lineup that includes UCITS-structured commodities ETFs. The Silver Miners UCITS ETF (SILV LN) and Copper Miners UCITS ETF (COPX LN) have each exceeded $2 billion and $1 billion in assets under management. The Uranium UCITS ETF (URNU LN) is also managed.
It also offers European infrastructure investment opportunities through the European Infrastructure Development UCITS ETF (BRIJ LN), a Europe-focused thematic product, and is addressing medium- to long-term growth themes stemming from changes in the geopolitical environment through the Europe Focused Defence Tech UCITS ETF (EDEF LN), which focuses on the defense industry and advanced defense technologies.
Kim Young-hwan, head of the Global Innovation Division at Mirae Asset Global Investments, said, "Europe, the world's second-largest ETF market, is entering a phase of structural growth," and added, "Global X Europe has successfully established itself in the market through retail investor-centric products and distribution strategies, and will continue to strengthen its competitiveness in the European ETF market by recruiting key talent and expanding its local footprint."