CSOP appoints Citi to service Hong Kong ETF

ETF dice 1China-based CSOP Asset Management has mandated Citi to service its first Hong Kong ETF to be launched under the open-ended fund company (OFC) regime. The OFC framework was introduced in Hong Kong in July 2018. Its variable capital structure enables investors to enter and exit a fund more easily than fixed capital structures. The move also brought Hong Kong more in line with other jurisdictions such as Europe where the OFC regime has been in place for some time, such as the Irish collective asset management vehicle. Citi will provide custody, fund administration and trustee services to the CSOP STAR 50 Index ETF. According to CSOP AM chief executive, Ding Chen, the selection of Citi was partly due to its track record of servicing OFC ETFs in the region. The mandate coincides with Citi’s appointment of Mark England as Asia Pacific custody and fund services head of sales. Based in Hong Kong, England has returned to Citi after a five-year spell at State Street where he was head of APAC client relationship management. © 2021 funds global asia

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