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Rating:A Chinese I-Bank Buys a Gotham ETF Shop Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, July 10, 2017

A Chinese I-Bank Buys a Gotham ETF Shop

by: Jennifer Qiao

China International Capital Corporation (USA) Holdings, Inc (CICC) is acquiring a majority stake in New York City based Krane Funds Advisors, LLC. Krane Funds confirmed the deal in a KraneShares filing with the SEC. China International Capital Corporation Holdings is a wholly-owned indirect subsidiary of China International Capital Corporation Limited and has an office in New York City.

Bi MingJian
Chinese International Capital Corporation
Chief Executive Officer

Eric Hwang, chief compliance officer at CICC, was not immediately able to comment. Brendan Ahern, chief investment officer of KraneShares, also could not be immediately reached for comment.

According to the IAPD filed in March 31, 2017, Jonathan Krane, CEO and managing member at Krane Funds, owns between 25 percent-50 percent of the company; Jennifer Krane, chief compliance officer, owns between 10 percent-25 percent; and Brendan Ahern, chief investment officer, owns less than 5 percent of the company. The 8 employee shop has $325 million in AUM.

KraneShares Trust consists of funds KraneShares Sacks New China ETF, KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A Share ETF, KraneShares E Fund China Commercial Paper ETF, and KraneShares FTSE Emerging Markets Plus ETF.

KraneShares partners with asset managers in China including E Fund Management and Bosera Asset Management. KraneShares has launched ETFs across different asset classes and also invests in China's interbank bond market. Their products cover equities listed on the Shanghai, Shenzhen, Hong Kong, New York, and NASDAQ exchanges.

CICC, founded in 1995, is based in Beijing and is China's first joint venture investment bank. CICC's full-service business framework involves investment banking, equities, FICC, wealth management and investment management.

In 2009 CICC US Securities opened an office in New York and is the center for CICC's business operations in the Americas; it provides equity research, and sales and trading services for US and Canadian institutional investors that invest in China. CICC is the first B-D to provide services of securities listed on the US exchanges.  

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