Brown Brothers Harriman (BBH) has been appointed as custodian and administrator for the first actively managed exchange-traded fund (ETF) domiciled in Hong Kong.
According to BBH, this ETF is the third money market ETF listed on the Hong Kong Stock Exchange and the only ETF in the market to offer same day settlement cycle for all primary market creations and redemptions.
The Industrial and Commercial Bank of China (ICBC) China International Capital Corporation (CICC) USD Money Market ETF is being launched by CICC, with ICBC Asset Management (Global) Company Limited acting as an investment advisor.
BBH Trustee Services (Hong Kong) Limited serves as trustee and registrar.
Ning Lin, managing director of CICC Hong Kong Asset Management Limited, said: “We are excited to launch this first of its kind, actively managed ETF, in Hong Kong. BBH’s customised service model and ability to support product features that have never existed in this market before is invaluable.”
Chris Pigott, head of Hong Kong ETF servicing at BBH, commented: “Given our support of actively managed ETFs globally, we are thrilled to be working with CICC and ICBC to launch the first actively managed ETF in Hong Kong.”
He added: “Investors in Hong Kong historically have been focused on actively managed investments. The ability to combine the structural benefits of the ETF wrapper with an active investment strategy is an interesting opportunity for investors.”
