TA Associates has bought a substantial stake in BetaShares, though financial terms of the transaction have not been disclosed. As part of the transaction, TA has acquired the 51 per cent stake held by Mirae Asset Financial Group along with those of other minority investors.
“We are excited to welcome TA as an investor as we enter this next phase of our growth. Over the past 10 years, BetaShares has developed a market-leading position in the Australian ETF industry, helping democratise investing by expanding choice, lowering costs and making quality investments more accessible than ever before,” said BetaShares founder and chief executive Alex Vynokur.
“Looking at the decade ahead, we have a vision for the company to continue developing into a leading, independent Australian financial services business, offering a wide range of quality solutions to help our clients reach their financial goals.”
Mr Vynokur thanked Mirae and its founder, Hyeon Joo Park, “for their support and confidence in (BetaShares’) business over the years”.
“We are proud to have made a contribution to the impressive growth of Mirae Asset Financial Group,” Mr Vynokur said.
In a statement, TA said it had “a long history of investing in the financial services industry” and backs a number of Australian fund managers, including Yarra and Russell Investments.
“We believe that BetaShares’ sharp focus positions it to take advantage of significant opportunities in the market, particularly as the broader financial services industry is undergoing a period of disruption and change,” said Edward Sippel, head of TA Associates APAC and a managing director at TA.
“We look forward to partnering with BetaShares’ management team to help further accelerate the company’s growth by leveraging its existing, highly-regarded offering, expanding its product depth, and enhancing its geographic footprint through acquisitions and strategic investments.”
