HSBC has been appointed as trustee, custodian and fund administrator of the first exchange-traded funds (ETFs) in Hong Kong to go public under a cross-listing scheme with China.
The two funds, Hang Seng Investment Management’s Hang Seng Harvest CSI 300 Index ETF and CSOP Asset Management’s CSOP Yinhua CSI 5G Communications Theme ETF, were launched on October 23.
The newly launched funds will help “boost the ETF market in Hong Kong, and align with the broader developments seen in the financial markets in the Greater Bay Area”, according to Patrick Wong, HSBC’s head of China business development and client management, securities services.
The partnership with the two ETF providers “strengthens our commitment to continuously work closely with market players in providing access to global investors in this region”, he says in a statement on October 23.
HSBC had US$2.92 trillion of assets as of end-June.
CSOP Asset Management, the international arm of Shenzhen-based China Southern Fund Management, had $8.2 billion of assets under management as of July.
Hong Kong-based Hang Seng Investment Management managed over 43 retail funds as of end-February.
