Daiwa Securities Group (TYO:8601) has converted its $120 million investment in Global X's convertible bonds into units of Global X, effective Feb. 21, according to a Tuesday filing.
This conversion gives Daiwa a 20% stake in Global X, which specializes in ETF asset management and oversees over $53 billion in assets.
Established in 2008, Global X offers a diverse range of ETFs.
This strategic move aligns with Daiwa's Medium-term Management Plan to enhance its asset management business and strengthen its partnership with Global X.
Shares of the company were down over 1% in late-morning trade Wednesday.
Price (JPY): $1039.50, Change: $-13, Percent Change: -1.24%
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