This is the first ETF launched under the authorised Variable Capital Company (VCC) structure in Singapore. CSOP is officially offering their ETF on Monday, 21st September after getting the approval from the Monetary Authority of Singapore (MAS).
Launched in January by MAS, the VCC is a new corporate structure for investment funds that offers flexibility and cost savings to global asset managers seeking to establish new funds or re-domicile their overseas funds in Singapore. The framework covers all traditional and alternative strategies with either open-ended or closed-ended funds. In addition to Singapore’s established ecosystem of issuers and market making capabilities, this new entity adds to the city-state’s uniqueness as a key asset management hub, linking global investors to Asia and its investible asset classes.
“We are delighted to partner with CSOP and provide our leading securities services offering for the first ETF under the authorised VCC in the country,” said Gavin Powell, Head of Global Markets, HSBC Singapore. “New fund structures like VCC now available in Asia Pacific are putting the spotlight on the region as a viable international investment hub. This strengthens our commitment to the development of the region’s fund management industry,” he added.
Leveraging its market leading expertise, experience and track record, HSBC is well positioned to assist asset managers in Singapore in every aspect through our global markets, security services, liquidity and cash management capabilities.
Ms. Ding Chen, CEO of CSOP Asset Management said,“As the first Chinese offshore asset manager to issue an ETF in Singapore, we are proud to introduce the ICBC CSOP FTSE Chinese Government Bond Index ETF under VCC structure to global investors. We appreciate the continuous support from HSBC all the way from Hong Kong to Singapore. Their professional custodian service has enabled us to bring more exciting products to global investors.”
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The Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,923bn at 30 June 2020, HSBC is one of the world’s largest banking and financial services organisations.
CSOP Asset Management
CSOP Asset Management Limited (“CSOP AML”) was founded in 2008 as the first offshore asset manager set up by a regulated asset management company in China. With a dedicated focus in China investing, CSOP AML manages public and private funds, as well as providing investment advisory services to Asian and global investors. In addition, CSOP AML is best known as an ETF leader in Asia. CSOP Asset Management Pte. Ltd. (“CSOP SG”) was established as wholly-owned subsidiary of CSOP AML in 2019, with a view of having Singapore as the regional base to facilitate and offer clients in the Region with investment opportunities in China’s capital market. As of 31 July 2020, CSOP had US$ 8.2 billion in assets under management.