London Stock Exchange Group welcomes ICBCCS & WisdomTree
The London Stock Exchange welcomes ICBC Credit Suisse Asset Management (International) Company Limited (ICBCCS) and WisdomTree Europe Limited at the listing of their first UCITS ETF tracking the S&P China 500 index that offers broad coverage of all classes of China equities.
The ETF aims to provide investors with returns which, before fees and expenses, track the price and yield performance of the S&P China 500 Index. The index is unique in both including the 500 largest, most liquid Chinese companies whilst using a rules-based stock selection to target the sector weights that are representative of the broad universe of Chinese equities.
ICBCCS WisdomTree S&P China 500 UCITS ETF Class B USD (CHIN) is listed in USD with a trading counter in GBP (CHIP).
The ETF is a physical fund that owns the underlying securities. This is the first European-listed ETF to combine exposure to all China equity share classes in a single UCITS ETF, offering investors unique and efficient market access tools.
Richard Tang, CEO at ICBC Credit Suisse Asset Management (International) said: “We are delighted to announce the launch of the ICBCCS WisdomTree S&P China 500 UCITS ETF at the London Stock Exchange. The ETF provides access to all China equity share classes, and the listing is a remarkable milestone to our partnership with WisdomTree. The partnership brings together WisdomTree’s global ETF expertise and ICBCCS’s in-depth understanding of the Chinese market, offering the international investment community comprehensive access to China, in an efficient manner through an ETF listed in a local market.”
“Access to the whole of the Chinese market has been notoriously difficult. The launch of this new UCITS ETF which covers all of the relevant share classes – all in a single product – is something which we feel will bring value to investors,” said David Abner, who was recently appointed to lead WisdomTree’s European business. “We are pleased to partner with one of the leading asset managers in China to bring this product to market.”
ICBCCS is the joint venture between the Industrial and Commercial Bank of China (ICBC) and Credit Suisse. The firm is one of the largest asset managers in the Mainland China, and the investment specialist dedicated to providing China and RMB asset management solutions. Since the establishment in 2005, the firm has been upholding the philosophy of “Value Creation through Prudent Investing”. As of the end of March 2016, the firm has RMB960 billion assets under management, providing first-class investment management and advisory services for over 13 million institutional and retail clients.
WisdomTree Investment, Inc., through its subsidiaries in the U.S. and Europe, including WisdomTree Europe Ltd based in London, is an exchange-traded fund (“ETF”) and exchange-traded product (“ETP”) sponsor and asset manager. It offers products covering equities, fixed income, currencies, commodities and alternative strategies. Through WisdomTree Europe Ltd., it sponsors Wisdom Tree UCITS ETFs and BOOST short and leverage ETPs. WisdomTree currently has approximately $40.9 billion (as of 22 July 2016) in assets under management globally.