Amundi has launched its first ETF domiciled in Hong Kong, which tracks a large-cap index provided by Hang Seng of the 35 biggest locally listed companies that get most of their revenues outside the Chinese mainland market.
It is the first ETF offering from the manager into the Asian region, and forms part of the business development plan which has set a target of $100bn in AUM by 2017 for its ETF, Indexing & Smart Beta unit, up from some $60bn in the last quarter of 2015.
Amundi said the new product would offer “lower ongoing charges thatn the average on the Hong Kong ETF market.”
Matthieu Guignard, global head of Product Development and Capital Markets at Amundi ETF, Indexing & Smart Beta said: “Amundi’s first listing on the Hong Kong market represents a new milestone in the group’s ETF development. Building on our strong experience as a leading ETF provider in Europe, we have the ambition to become a reference ETF provider for both institutional and retail investors in Asia, leveraging on the strong pillars of cost efficiency and innovation that have long been at the heart of our success.”