HSBC enters European ETF market

HSBC has unveiled its first European ETF, the HSBC FTSE 100, which will be launched tomorrow on the London Stock Exchange.

The fund, which tracks the performance of the FTSE 100 index, is domiciled in Ireland and is for sale in the UK, although numerous other registrations are planned across Europe. The bank also plans to extend its ETF business beyond Europe, across Asia, Latin America and the Middle East. HSBC Global Asset Management will be the fund's investment manager, while HSBC Global Markets will provide liquidity as a market maker. The fund will have a total expense ratio of 0.35%. "We are intent on complementing our existing set of investment capabilities by developing a range of ETFs that c...