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HSBC enters European ETF market

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HSBC is launching its first European exchange-traded fund, the HSBC FTSE 100 ETF.

HSBC is launching its first European exchange-traded fund, the HSBC FTSE 100 ETF.

Listed on the London Stock Exchange, the new ETF is designed to track the performance of the FTSE 100 index.

The ETF, domiciled in Ireland, is registered for sale in the UK and a number of additional registrations are planned across Europe. HSBC Global Asset Management will be the investment manager and HSBC Global Markets will ensure liquidity as a market maker. The total expense ratio will be 0.35 per cent.

‘We are intent on complementing our existing set of investment capabilities by developing a range of ETFs that can meet the main investment requirements of the institutional, wealth management and retail segments," says Mark McCombe, chief executive officer of HSBC Global Asset Management.

"ETFs are one of the fastest-growing areas in the investment management industry and we aim to be among the leading providers within a few years,’ adds Samir Assaf, head of global markets at HSBC. ‘By leveraging the capabilities of the HSBC Group in fund management, market making, custody and fund administration, we are confident we can progressively build a strong suite of ETFs.’

HSBC’s entry into the European ETF market complements its business in Asia, through Hang Seng Bank, majority owned by HSBC, and HSBC Global Asset Management in Hong Kong. Together they have almost eight per cent of the regional ETF assets under management. On 14 August 2009, Hang Seng Bank’s ETFs became the first Hong Kong-listed funds to also be listed in Taiwan.

Beyond Europe, HSBC plans to leverage its global capabilities to extend its ETF business across Asia, Latin America and the Middle East.

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