中國郵政收購蘇格蘭皇家銀行ETF業務

China Post has acquired the exchange traded fund business of Royal bank of Scotland, giving the state-owned postal company its first foothold in the European market.

中國郵政收購了蘇格蘭皇家銀行(RBS)的交易所交易基金(ETF)業務，使這家國有郵政企業在歐洲市場獲得首個立足點。

RBS sold its Market Access ETF range, which has assets of 360m, to China Post after discussions were held with a number of interested parties including asset managers, ETF providers and private equity managers.

蘇格蘭皇家銀行與多個有興趣的潛在買家（包括資產管理公司、ETF提供商和私募基金經理）進行了討論後，將其擁有3.6億歐元資產的Market Access ETF系列產品賣給了中國郵政。

The terms of the deal were not disclosed but the purchase was carried out by China Post Global, the group’s international fund arm, which was set up in Hong Kong last year. The RBS deal marks its first foray into Europe.

該交易的具體條款還未披露，但收購方是中國郵政集團去年在香港成立的國際基金業務部門——China Post Global。與蘇格蘭皇家銀行的交易標誌着該公司首度進軍歐洲。

Including its postal services, China Post has assets of $1.05tn. Its subsidiaries include insurance, banking and asset management operations.

包括郵政服務在內，中國郵政擁有1.05萬億美元的資產。其子公司涉足保險、銀行和資產管理等業務。

Deborah Fuhr, co-founder of ETFGI, a London-based consultancy, said: “Chinese financial services providers are stepping up their efforts to establish ETF operations, but this is the first time that we have seen an overseas acquisition of this kind.”

總部位於倫敦的諮詢公司ETFGI的聯合創始人德博拉·富爾(Deborah Fuhr)表示：“中國的金融服務提供商正在加緊努力打造ETF業務，但此類海外收購還是我們第一次看到。”

China Post Global plans to cross-list Market Access’s existing range of 10 ETFs in Hong Kong and will also develop new Chinese equity and fixed income ETFs that will be available in both Europe and Asia. It additionally intends to build China’s first smart-beta ETFs, which are a halfway house between passive and active management.

China Post Global計劃將現有的10個Market Access ETF在香港交叉上市，並將在歐洲和亞洲市場推出新的中國股票和固定收益ETF。另外，它還計劃打造中國首批smart-beta ETF，此類ETF介於被動投資和主動管理之間。

“We are aiming to be innovative,” said Danny Dolan, a managing director at China Post Global. Mr Dolan said the 10 newly acquired ETFs would be seeded with additional capital to make them more attractive to institutional investors. He added that two new sales staff have been appointed.

“我們的目標是創新，”China Post Global的董事總經理丹尼·多蘭(Danny Dolan)表示。多蘭稱，這10個新收購的ETF基金將得到額外的種子資本，使它們對機構投資者更具吸引力。他補充說，已有兩名新的銷售人員獲任命。

The annual management fees on the 10 ETFs will remain unchanged at between 50 and 70 basis points. However, improved terms for the underlying derivative contracts will reduce the overall cost on each fund by up to 40bp per annum.

這10個ETF的管理年費將維持在50至70個基點不變。但是，基礎衍生品合同條款的改善意味着，每個基金的總成本每年將減少至多40個基點。

The mainland Chinese ETF market remains at an early stage of development, with total assets of $28.9bn. Investors withdrew a net $5.7bn in 2015 from ETFs listed in mainland China after high levels of volatility led to the suspension of more than half the stocks listed on the Shanghai bourse.

中國內地的ETF市場仍處於早期發展階段，總資產爲289億美元。2015年，在中國股市高度波動導致上海證交所逾半數股票停牌後，投資者從中國內地上市的各ETF淨撤資57億美元。

Bank of China, China Life AMP and Huarun Yuanda all launched their first ETFs in 2015, bringing the number of mainland Chinese ETF providers up to 30, according to ETFGI.

據ETFGI介紹，中國銀行(Bank of China)、國壽安保基金(China Life AMP)和華潤元大(Huarun Yuanda)都在2015年推出了首批ETF，使中國內地ETF提供商數量增加到30家。