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Komfie Manalo, Opalesque Asia:

Global investment manager Mirae Asset Global announced that its subsidiary, Horizons ETFs Management (USA), has formalized a deal to acquire Recon Capital Advisors (RCA). Horizons USA is one of the largest collective families of exchange traded funds (ETFs) in the world. RCA is an SEC Registered Investment Adviser headquartered in Stamford, CT. The firm serves as investment adviser to Exchange Traded Funds.

Under the terms of the agreement, the members of RCA will join Horizons USA and the four ETFs managed by Recon Capital will be managed by Horizons USA.

"We are very excited to have the Recon Capital team join Horizons ETFs," said Taeyong Lee, President and Global Head of Mirae Asset Global Investment's ETF Business in a statement. "They have proven expertise in the U.S. ETF market and have extensive insights on how to manage and grow the business in the U.S. As we manage approximately $11.8bn in assets under our global ETF business, this new team will be crucial in helping lead the U.S. expansion and contribute to the strong momentum in the growth of our global ETF business."

The addition of these ETFs to the Horizons USA platform means that Horizons ETFs will offer five U.S.-listed ETFs, representing approximately $149m in assets under management (as of September 30, 2016). This family......................

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