Milan-listed Azimut has signed a memorandum of understanding with a Chinese asset manager for exchange-traded funds.
Azimut Group and China Universal Asset Management (CUAM) have signed a memorandum of understanding (MOU) in Abu Dhabi to «further explore the establishment of ETF links between the Chinese and international markets», according to a statement.
Under the MOU, the two will aim to look at forming a «China-UAE ETF Link» between the Shanghai Stock Exchange (SSE) and the Abu Dhabi Securities Exchange (ADX). This includes plans for Azimut to launch an ETF on ADX that will invest in CUAM’s SSE-listed CSI A500 Index ETF. The two will also cooperate on more potential global ETF link regions.
Decade-Long Partnership
Azimut and CUAM have maintained a decade-long partnership. Azimut was founded in 1989 and currently has 109.9 billion euros ($113.3 billion) in assets under management (AUM). It operates in 19 countries and regions globally, including mainland China since 2011. CUAM has over 1.1 trillion yuan ($151 billion) in AUM across 330 mutual funds with subsidiaries in Hong Kong, Shanghai, US and Singapore.
«We are excited to be part of this project to bring together the two important financial centers of Abu Dhabi and Shanghai. In all the 19 countries and regions we operate in around the world, our mission is to bring our clients innovative and rewarding products and we believe the China-UAE ETF Link will also be the case for our clients in the Middle East and in Asia,» said Azimut CEO Giorgio Medda.
