French asset manager Amundi has agreed to acquire the Taiwan business of South Korea-based Mirae Asset Global Investments. Financial terms of the deal were not disclosed.

The purchase of Mirae Asset Global Investments (Taiwan) will enable Amundi to serve as a Securities Investment Trust Enterprise (Amundi SITE).

The move will enable Amundi to sell onshore funds in Taiwan.

Amundi SITE chairman Xiaofeng Zhong said: “Amundi SITE is the first SITE in Taiwan run by a global manager with a origin from France.

“It shows our commitment to the Taiwan market and it will leverage on our Amundi’s global expertise to offer best-in-class investment solutions to our investors in Taiwan.”

Under the agreement, the Mirae business will merge with Amundi’s existing unit in Taiwan that offers offshore funds.

The integrated entity will operate under the name Amundi Taiwan. It will conduct onshore as well as offshore fund operations in the country.

The merger is expected to be completed in the first half of this year, subject to regulatory nod.

Amundi deputy CIO and Asia ex-Japan supervisor Vincent Mortier said: “The acquisition further demonstrated the significance of Taiwan in Amundi’s roadmap in Asia.

“We are confident that the new setup will further enable us to provide the best products and services to Taiwan investors.”