J.P. Morgan Asset Management has acquired a passive, minority stake in New York-based ETF provider Global X Management Company.
The firms did not reveal the size of the stake or the value of the deal, but confirmed that the deal will not make Global X an affiliate of J.P. Morgan.
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The transaction will not affect how J.P. Morgan ETF Solutions and Global X operate their businesses, J.P. Morgan added.
The companies added that no co-marketing, investment management, distribution agreements or shared governance will be implemented between the two entities.
J.P. Morgan Asset Management global head of ETF solutions Robert Deutsch said: "Widely acknowledged for its innovative products, Global X has become a leading provider of ETF solutions, and we are pleased to have them as a strategic partner.
"This investment complements the growth of J.P. Morgan’s own ETF line-up, with seven strategic beta ETFs launched and many more to come."
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By GlobalDataSet up in 2008, Global X offers over 40 ETF solutions across U.S. and foreign exchanges.
