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.
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.
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.
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