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Brown Brothers Harriman to service Hong Kong’s first active ETF 


Brown Brothers Harriman & Co has been appointed as the custodian and administrator for the first actively managed ETF domiciled in Hong Kong, the ICBC CICC USD Money Market ETF, which is being launched by China International Capital Corporation (CICC) with ICBC Asset Management (Global) Company Limited acting as Investment Advisor. 

Brown Brothers Harriman Trustee Services (Hong Kong) Limited serves as trustee and registrar.
This ETF is the third money market ETF listed on HKEX, and the only ETF in the market to offer a revolutionary same day settlement cycle for all primary market creations and redemptions. BBH’s flexible service model and proprietary technology makes this T+0 model possible.
“We are excited to launch this first of its kind, actively managed ETF, in Hong Kong,” says Ning Lin, Managing Director of China International Capital Corporation Hong Kong Asset Management Limited.  “BBH’s customised service model and ability to support product features that have never existed in this market before is invaluable. When innovating in this way, it is critical to work with a recognised ETF servicing expert, one with global experience in actively managed ETFs, and we are pleased to further expand our partnership with BBH.”
“Given our support of actively managed ETFs globally, we are thrilled to be working with CICC and ICBC to launch the first actively managed ETF in Hong Kong,” says Chris Pigott, BBH’s Head of Hong Kong ETF Servicing. “Investors in Hong Kong historically have been focused on actively managed investments. The ability to combine the structural benefits of the ETF wrapper with an active investment strategy is an interesting opportunity for investors, especially in light of the fact that our recent ETF investor survey found that nearly 50 per cent of institutional investors in Hong Kong expected to increase their exposure to actively managed ETFs this year.”
With the updated Code on Unit Trusts and Mutual Funds issued by the Securities and Futures Commission earlier this year, Hong Kong became the second market in Asia where ETF issuers can launch actively managed ETFs.

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