ChinaAMC (HK) has completed its takeover of BMO Global Asset Management’s seven Hong Kong exchange traded funds and plans to use the acquisition to expand its market share in the territory’s HK$1tn ($128.8bn) Mandatory Pension Fund.
Katie He, Hong Kong-based head of product and strategy at ChinaAMC, said the Chinese manager had negotiated a “bargain deal” to take over the BMO’s product offerings in Hong Kong.
“It’s really worth the price for the [business] prospects [they bring],” He said, but declined to reveal the exact terms of the deal.
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