Mirae Asset Management Brazil Subsidiary Renamed to 'Global X Brazil'

[Asia Economy Reporter Junho Hwang] Mirae Asset Global Investments has changed the name of its Brazilian local subsidiary from 'Mirae Asset Global Investments Brazil' to 'Global X Brazil' and listed 19 ETFs on the Brazilian Stock Exchange on the 19th.

Mirae Asset Global Investments established a local subsidiary in Brazil in 2008, operating equity and bond funds and real estate investment businesses. Through this name change, it has entered the ETF business.

The 19 ETFs listed by Global X Brazil on the Brazilian stock exchange B3 (Brasil Bolsa Balc?o) include 11 thematic growth ETFs, 5 income ETFs, and 3 commodity ETFs. The ETFs were listed as 'BDR'. BDR stands for 'Brazilian Depositary Receipts', which are stock depositary receipts that allow stocks listed on overseas markets to be traded in the Brazilian market. They represent ownership of the underlying shares, enabling Brazilian investors to freely invest in Global X ETFs listed on the U.S. market through BDR trading.

In Brazil, ETFs account for only about 1% of the total fund market. However, over the past decade, Brazilian ETFs have shown rapid growth at an average annual rate of 32%. Since the introduction of BDRs in 2020, global asset managers such as BlackRock have actively entered the Brazilian BDR market.

Luis Berruga, CEO of Global X, said, "There are no thematic ETF managers in Brazil, so Brazilian investors invest in U.S.-listed ETFs, creating strong demand for Global X products." He added, "We will strive to expand our market share by reinforcing professional personnel and listing additional ETFs in the future."

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