Mar 30, 2022 06:14 AM

FINANCE

Hang Seng Investment Named New Manager of $14.25 Billion Hong Kong Fund

By Wei Yiyang and Denise Jia

TraHK, which tracks Hong Kong’s benchmark Hang Seng Index, had assets under management of HK$111.5 billion ($14.25 billion) as of March 28.

TraHK, which tracks Hong Kong’s benchmark Hang Seng Index, had assets under management of HK$111.5 billion ($14.25 billion) as of March 28.

Hang Seng Investment Management Ltd. was selected to replace State Street Global Advisors Asia Ltd. as the manager of Hong Kong’s largest and most-popular exchange-traded fund (ETF), the Tracker Fund of Hong Kong (TraHK) said Tuesday.

The change in manager followed a professional review by the fund’s supervisory board. It identified Hang Seng Investment as the most suitable firm to manage the fund based on its experience, expertise and sizable presence in Hong Kong as well as the latest market developments and TraHK’s future development, the supervisory board said.

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