China Asset Management Finalizes Takeover of BMO ETFs from Hong Kong
Posted on 06/05/2021
China Asset Management Co., Ltd.’s Hong Kong unit finalized the takeover of over 7 BMO exchange-traded funds listed in Hong Kong. These ETFs had roughly HK$ 4.35 billion of combined assets under management as of May 28, 2021. The ETFs include the BMO NASDAQ 100 ETF, an Asia high dividend ETF, an Asia U.S. dollar bond fund, and an Asia Pacific real estate fund. They have all been rebranded as ChinaAMC ETFs. China Asset Management bought them from BMO Global Asset Management, which exited from Hong Kong’s ETF market.
CITIC Securities is the largest shareholder with 62.2% stake in China Asset Management Co.
Keywords: Bank of Montreal.