London Stock Exchange welcomes ICBCCS WisdomTree
The London Stock Exchange welcomes ICBC Credit Suisse Asset Management (International) Company Limited and WisdomTree Europe Limited at the listing of the ICBCCS WisdomTree S&P China 500 UCITS ETF Class B USD in offshore Yuan CNH (CHIC).
The CNH currency line comes off the back of the recent launch of the first UCITS ETF tracking the S&P China 500 Index listed in USD (CHIN) and GBP (CHIP) on the London Stock Exchange. The ETF offers broad coverage of all classes of China equities including A-shares and H-shares, as well as other international listings, such as N-shares in the US.
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.
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: “This RMB-denominated ETF further broadens the variety of our products, offering the global investment community a total China solution under the backdrop of the RMB internationalisation. The CNH listing is another milestone in our partnership with WisdomTree. We are committed to providing investors with comprehensive access to China through diversified, transparent and efficient tools.”
“We are thrilled to bring investors this ETF in an offshore yuan format, which complements our recent listings of this ETF in GBP and USD,” said David Abner, Head of WisdomTree in Europe. “By partnering with ICBCCS, we will continue to present the uniqueness of the ‘total China’ growth story to those wanting liquid and efficient trading opportunities in a single ETF. We look forward to working together on many more innovative China-focused ETFs.”
ICBC Credit Suisse Asset Management Company Limited 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 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 June 2016, the firm has RMB1 trillion assets under management, providing first-class investment management and advisory services for over 15.3 million institutional and retail clients.
WisdomTree Investments, Inc., through its subsidiaries in the US 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 $40.5 billion (as of 31 July 2016) in assets under management globally.