Mirae Asset acquires majority stake in Australia's Stockspot
Mirae Asset Global Investments has invested about USD 17m in a 53% stake in Stockspot, Australia’s largest robo-advisory.
Founded in 2013 by CEO Chris Brycki, a former portfolio manager at UBS, Stockspot is recognized as a pioneer in Australia’s digital investment space. The platform offers low-cost portfolio management services with product categories spanning individual, corporate, sustainable investing, and not-for-profit accounts.
The company claims to have grown 5x since it last raised capital in 2019; it now manages more than AUD 650m (USD 415m) on behalf of 13,000 clients. Historically, investors have included Rocket Internet, H2 Ventures, AWI Ventures, and Alium Capital Management.
“I believe that everyone should have the opportunity to achieve the future they want for themselves and their families – whether they have AUD 2,000 or AUD 2m,” Brycki said in a blog post.
“Through technology and automation, hiring a passionate team of experts and always looking for ways we can do better for clients, we’ve already helped tens of thousands of people get one step closer to their financial goals and dreams.”
Stockspot said all its investments were in positive territory during the 12 months to June 2023, with portfolios delivering returns of between 6.4% and 11.2%. Global shares led gains with a return of 23.4% due to strong performance from large technology companies.
The company will use the latest investment to build out technology and add staff, as well as for R&D related to new products and services.
“We firmly believe in and continue to embrace digital transformation and technology as a means to provide investors with leading and highly accessible solutions,” Hyeon-Joo Park, chairman and global strategy officer of Mirae Asset, said in a statement.
“Stockspot's commitment to transparency, technological excellence and its investors aligns perfectly with Mirae Asset's business philosophy to embrace the future with an open mind.”
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