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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: Listen up: There is profit in podcastingIt has never been easier or cheaper to start an online radio show or a podcast. There are already 700,000 podcast producers around the world. There is no red tape, and legacy issues of analogue don’t apply. But most importantly, there is money to be made.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: FIFA to pump millions into South Africa and kickstart amateur football economyA seismic change is about to take place in the funding of amateur soccer clubs by Fifa, and SA clubs need to make sure they are in a position to benefit. I believe they should start with pumping more money into female soccer development!!! Who is controlling the money? In my opinion keep it very far away from Danny Jordaan, also keep him far away from women.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: US and China’s top trade officials make first contact since truceUS Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke on the phone with their Chinese counterparts, marking the first high-level contact after their presidents agreed to resume trade talks last month.
Source: dailymaverick - 🏆 3. / 84 Read more »