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Friday, July 28, 2017

Why CICC is Buying a U.S. Asset Manager

Reported by Jennifer Qiao

A Chinese investment bank is buying a U.S.-based ETF shop. Here's why.

"We have a long term global strategy to be the leading global IB in china and to expand," Elaine La Roche, senior advisor at China International Capital Corporation (CICC) tells MFWire. "Our priorities were first to expand our mainland footprint, then bring global asset allocation, tech, and methods into China and expand our global presence."

On July 11th CICC unveiled an agreement to buy a 50.1 percent majority stake at KraneShares. The partnership with KraneShares is a "complement to CICC long term business strategy" which includes plans to dramatically increase the breadth of offerings to the Chinese and global market, La Roche says.

Krane Funds offers five funds; KraneShares Sacks New China ETF, KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A Share ETF, KraneShares E Fund China Commercial Paper ETF, and KraneShares FTSE Emerging Markets Plus ETF.

La Roche enthusiastically says that the partnership with Krane will be long lasting, and calls the acquisition "mutually beneficial."

"Together we will grow KraneShares into a larger company with a broader array of options," La Roche says, adding that CICC also offers KraneShares a "broadened knowledge base...CICC is a global leader in research on companies.

Beijing-based CICC was founded in 1995 and lays claim to being China's first joint venture investment bank. CICC's New York office is the center for CICC's business operations in the Americas.  

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