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Biz News Korea(Eng)

Samsung Asset Management to begin ETF consulting service in China

Collected: 2016.11.02

Distributed: 2016.11.03

Source: Go Direct

South Korea’s Samsung Asset Management Co. announced on Tuesday that it will establish an advisory company in Beijing, China, in order to target the Chinese exchange traded fund (ETF) market and enter the Chinese asset management market. It would be partnering up with China’s fund management company CCBP. The new entity would offer consulting service on development and management of ETF products in China.

The new advisory company would first advise CCBP on running ETF products.

CCBP, a fund management company under China Construction Bank, exceeded 260 trillion won ($227.8 billion) in assets in June this year to become China’s largest fund management company.

“The Chinese ETF market worth 85 trillion won is expected to grow to 180 trillion won by 2020 and Korea’s Samsung Asset Management and China’s CCBP would join hands to target the Asian ETF market,” said Koo Sung-hoon, chief executive officer of the company.

The new advisory company plans to establish a joint entity specializing in managing ETF with CCBP. The company is also expected to cooperate with Chinese companies in various fund businesses.

By Kim Hyo-hye

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