World News: 04:43 GMT Wednesday 12th June 2019. [Yahoo Business News Feed via SPi World News]
The financial conglomerate, which only offered its first ETF in late 2017, is targeting the less-developed market for bond ETFs as vehicles that track broad indexes become more competitive given the dominance of large funds that were launched by local managers as early as 2004. The firm will start to offer products tracking shorter-dated government bonds and is also considering cross-market funds, Cheng Jun, the head of ETF investments at Ping An Fund Management, said in an interview. While low fees and support from its parent company has helped Ping An Fund Management become the largest local bond ETF issuer, its current standing -- around 16 billion yuan ($2.3 billion) across nine funds -- lags Ping An’s ambitions and is a fraction of the almost $1 trillion Vanguard oversees in the U.S.
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