South Korea-based Mirae Asset Global Investments and its New York-based subsidiary Global X ETFs (Global X) have acquired Australia-based independent ETF provider ETF Securities.

Financial terms of the deal were not revealed.

ETF Securities offers exchange-traded funds (ETFs) with a focus on yield, thematic equity themes, commodities and cryptos. The firm manages A$4.7bn in assets under management (AUM).

The acquisition allows Mirae Asset and Global X to expand their presence in the Australian market.

Additionally, ETF Securities’ product line-up is said to compliment Mirae Asset’s and Global X’s ETF solutions for global investors.

Mirae Asset will have an ETF AUM of more than $85bn when the transaction is completed.

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Mirae Asset Global Investments CEO Byungsung Lee said: “We are incredibly excited to enter the Australian market and to meaningfully expand our global ETF footprint through the acquisition of ETF Securities’ inventive business.

“This acquisition underscores Mirae Asset’s continued commitment to maintaining industry-leading ETF businesses in key markets around the world and brings immediate scale to our operations in Australia.”

As part of the deal, ETF Securities will benefit from Mirae Asset’s resources and its global presence in key developed and emerging markets, including the US, Brazil, Canada, Europe, Hong Kong, and India.

The firm will also gain access to Global X’s resources and expertise, including its research and product development capabilities.

ETF Securities founder and chairman Graham Tuckwell said: “From the introduction of the world’s first physical gold ETF in 2003 to maintaining the largest precious metals ETF platform in Australia today and expanding its offering to include a growing range of thematic and digital assets products, I’m exceedingly proud of what the team has been able to accomplish.

“As true innovators in the ETF industry around the world, Mirae Asset and Global X are likeminded – undeniably sharing our Australian teams’ visionary mindset and commitment to client service.”