Brussels
01 August 2016
Reporter: Mark Dugdale

Euroclear Bank bags ICBC ETF mandate


ICBC Credit Suisse Asset Management International (ICBCCS) has selected Euroclear Bank to clear and settle its first internationally listed China equity exchange-traded fund (ETF).

The ETF, known as ICBC CS WisdomTree S&P China 500 UCITS, will be domiciled under Luxembourg law. It will be listed and traded in USD, GBP and RMB on the London Stock Exchange, and settle directly in international central securities depository Euroclear Bank.

ICBCCS, which had RMB 960 billion (USD $144.6 billion) in assets under management as of March, is the international arm of one of the largest managers in China and the asset management joint venture of ICBC and Credit Suisse.

Richard Tang, CEO of ICBC Credit Suisse Asset Management International, said of the mandate: “We are delighted to work with Euroclear Bank, and look forward to continually building efficient China offerings for investors through different strategies.”

Mohamed M'Rabti, deputy head of FundsPlace at Euroclear, added: "We are very proud to have been part of this unique project with ICBCCS. Our international ETF model has been riding a wave of momentum over the past year to distribute China products to our clients. It is an honour to be the infrastructure provider of choice to support ICBCCS’s ambition to distribute its first China equity ETF, not only in Europe but also globally.”

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