Samsung Asset Management acquired a minority stake in Amplify Holding, an Illinois-based exchange-traded fund sponsor, an Amplify spokeswoman said.
The Korean asset manager acquired the 20 percent stake in Amplify through Samsung AM’s US-based special purpose vehicle, Samsung Asset Management US Holdings, the spokeswoman said. She had no information on the more specific financial terms of the deal, such as its value.
With the deal, Amplify and Samsung AM form a strategic business alliance in the ETF space, the spokeswoman said. Samsung AM will have the exclusivity to offer Amplify products in Asia. In addition, the companies will jointly develop new products and marketing strategies.
Christian Magoon, CEO and founder of Amplify, said in a press release on Thursday that the investment gives the company exposure to the growing Asian ETF market.
In addition, “Amplify will receive significant financial and organizational support from Samsung to accelerate the growth of our business,” Mr. Magoon said in the press release.
Amplify had more than $4.4 billion in assets across its suite of ETFs as of Dec. 31, according to the press release, which said Samsung AM’s total assets under management totaled $258 billion.