Business Maverick: London beats New York in attracting Saudi ETF billions

An exchange-traded fund focused on Saudi equities offered by BlackRock Inc. in New York since 2015, the year when the oil-rich kingdom started opening up to foreigners, drew net inflows of about $626 million this year, quadrupling in size from the end of 2018.

BlackRock started its London fund after “significant client demand for an exposure to take advantage of Saudi Arabia’s reclassification,” a spokeswoman for the world’s largest asset manager said in an emailed response to questions. That acronym refers to Undertakings for Collective Investment in Transferable Securities, the 34-year-old framework of regulations for funds that are officially based and sold in the EU but can be managed from New York, Hong Kong or elsewhere. The EU has set rules on funds’ liquidity requirements, risk limits, transparency and leverage, and UCITS products can use derivatives to create some leverage and short exposure, but not as much as traditional hedge funds.

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