TORONTO, Oct. 25, 2012 (GLOBE NEWSWIRE) -- Horizons ETFs Management (USA) LLC ("Horizons USA"), a subsidiary of Mirae Asset Global Investments Co., Ltd. ("MAGI") has entered into a definitive agreement with InterBolsa USA Holdings, Inc. ("InterBolsa USA Holdings"), a subsidiary of Grupo InterBolsa to launch a joint venture, Horizons ETFs Management (LATAM) LLC ("Horizons LatAm"), which will sponsor and manage exchange traded funds ("ETFs") in Latin America.
Horizons LatAm will initially focus on listing ETFs in the Colombian market. Horizons USA will have an 80% interest in Horizons LatAm, while InterBolsa USA Holdings have a 20% interest.
Horizons USA is an affiliate of Horizons ETFs Management (Canada) Inc. and its subsidiaries including Horizons Exchange Traded Funds Inc. (collectively, the "Horizons ETFs Group"). The Horizons ETFs Group and its affiliates currently have ETF businesses in five countries and oversee approximately $5.5 billion in assets across 180 ETF listings. Horizons LatAm will be the Horizons ETFs Group's first entry into the Latin American ETF market.
Grupo InterBolsa has capital markets and insurance businesses in Colombia, and has also presence in Brazil and Panama. Grupo InterBolsa oversees approximately $4.5 billion in assets on behalf of nearly 70,000 clients.
"We are pleased to partner with InterBolsa in launching our Latin American ETF business. Latin America is one of the fastest growing economic regions in the world, and Colombia in particular has seen rapid growth in their economy and capital markets," said Adam Felesky, who will serve as Chairman of Horizons LatAm. "InterBolsa is a very well-established investment management firm and securities broker in Colombia, and we will rely heavily on their extensive regional expertise to help us bring world-class ETF solutions to the Latin American market."
The launch of ETFs in Colombia is a key strategic piece of MAGI's current global ETF expansion initiative and complements the overall global firm strategy.
"MAGI is well-known as an emerging market specialist that has been able to capitalize on emerging market growth around the world. Colombia and the wider Latin American region offer some of the most attractive growth opportunities for investment management firms," said Taeyong Lee, President of MAGI's Global Business Unit. "We think Horizons LatAm will complement our other established ETF businesses which already have ETFs listed in Korea, Hong Kong, Australia, and Canada."
Alvaro Tirado, President of InterBolsa S.A. Comisionista de Bolsa said, "InterBolsa's local knowledge and distribution capabilities, combined with the global ETF expertise of the Horizons ETFs Group, should give Horizons LatAm the required skill set to achieve success in this region."
Alvaro Tirado also added that, "Horizons LatAm's entry into the Colombian market will give investors access to the Integrated Latin American Market (MILA) through a competitively priced suite of ETFs."
Federico Torres has been named as Managing Director and Head of Sales for Horizons LatAm. Most recently, Mr. Torres led BNP Paribas' distribution effort across Latin America, and has more than 15 years of experience working in the investment industry at other firms such as Citibank, ABN AMRO & Finagro.
"We feel with Federico's on the ground expertise, our Latin American business is in capable hands," said Mr. Felesky. "In addition to his extensive contacts throughout the region, Federico has a strong technical background which will assist in the implementation of our initial product line-up."
While immediate ETF launches have not been announced, Horizons LatAm is targeting the first quarter of 2013 for the launch of its first ETFs. The distribution and marketing of any ETFs in Colombia will be done in accordance with Colombian regulations.
About Mirae Asset Global Investments (www.miraeasset.com)
Mirae Asset Global Investments provides active and passive investment management solutions to clients around the world. Known as one of the world's largest investment managers in emerging market equities (source: Investments & Pensions Europe, January 2012), Mirae Asset also invests client assets in a broad range of asset classes, including traditional and alternative funds, real estate and private equity. With over 600 employees, including more than 140 dedicated investment professionals, Mirae Asset has offices in Australia, Brazil, Canada, China, Hong Kong, India, Korea, Taiwan, the U.K., the United States and Vietnam. Headquartered in Seoul, the firm manages over $50 billion in assets globally (as of September 30, 2012).
The Mirae Asset Global Investments (USA) LLC logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11543
About Horizons Exchange Traded Funds Inc. (www.horizonsetfs.com)
Horizons Exchange Traded Funds Inc. is an innovative financial services company offering the Horizons ETFs family of ETFs. The Horizons ETFs family includes a broadly diversified range of investment tools with solutions for investors of all experience levels to meet their investment objectives in a variety of market conditions. With approximately $3.5 billion in assets under management and 79 ETFs listed on the Toronto Stock Exchange, the Horizons ETFs family makes up one of the largest families of ETFs in Canada. Horizons ETFs Management (USA) LLC, an affiliate of Horizons ETFs, also has three ETF listings in registration with the Securities and Exchange Commission in the United States. Horizons ETFs is a subsidiary of Horizons ETFs Management (Canada) Inc. and a member of the Mirae Asset Financial Group.
The Horizons Exchange Traded Funds Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=15414
About Grupo Interbolsa
Grupo InterBolsa is one of Latin America's leading financial services firms. Headquartered in Bogotá, Colombia, Grupo InterBolsa has full-service brokerage and asset management operations in Colombia, Brazil, Panama, and the United States. InterBolsa S.C.B. is the largest broker dealer in Colombia, while InterBolsa S.A.I. is one of the largest asset managers in Colombia. InterBolsa is also a local market leader in investment banking, wealth management and insurance products through its affiliated subsidiaries.
The Grupo InterBolsa logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=15407