China Post has acquired the exchange traded fund business of Royal Bank of Scotland, giving the state-owned postal company its first foothold in the European market.

中国邮政收购了苏格兰皇家银行(RBS)的交易所交易基金(ETF)业务，使这家国有邮政企业在欧洲市场获得首个立足点。

RBS sold its Market Access ETF range, which has assets of 360m, to China Post after discussions were held with a number of interested parties including asset managers, ETF providers and private equity managers.

苏格兰皇家银行与多个有兴趣的潜在买家（包括资产管理公司、ETF提供商和私募基金经理）进行了讨论后，将其拥有3.6亿欧元资产的Market Access ETF系列产品卖给了中国邮政。

The terms of the deal were not disclosed but the purchase was carried out by China Post Global, the group’s international fund arm, which was set up in Hong Kong last year. The RBS deal marks its first foray into Europe.

该交易的具体条款还未披露，但收购方是中国邮政集团去年在香港成立的国际基金业务部门——China Post Global。与苏格兰皇家银行的交易标志着该公司首度进军欧洲。

Including its postal services, China Post has assets of $1.05tn. Its subsidiaries include insurance, banking and asset management operations.

包括邮政服务在内，中国邮政拥有1.05万亿美元的资产。其子公司涉足保险、银行和资产管理等业务。

Deborah Fuhr, co-founder of ETFGI, a London-based consultancy, said: “Chinese financial services providers are stepping up their efforts to establish ETF operations, but this is the first time that we have seen an overseas acquisition of this kind.”

总部位于伦敦的咨询公司ETFGI的联合创始人德博拉·富尔(Deborah Fuhr)表示：“中国的金融服务提供商正在加紧努力打造ETF业务，但此类海外收购还是我们第一次看到。”

China Post Global plans to cross-list Market Access’s existing range of 10 ETFs in Hong Kong and will also develop new Chinese equity and fixed income ETFs that will be available in both Europe and Asia. It additionally intends to build China’s first smart-beta ETFs, which are a halfway house between passive and active management.

China Post Global计划将现有的10个Market Access ETF在香港交叉上市，并将在欧洲和亚洲市场推出新的中国股票和固定收益ETF。另外，它还计划打造中国首批smart-beta ETF，此类ETF介于被动投资和主动管理之间。

“We are aiming to be innovative,” said Danny Dolan, a managing director at China Post Global. Mr Dolan said the 10 newly acquired ETFs would be seeded with additional capital to make them more attractive to institutional investors. He added that two new sales staff have been appointed.

“我们的目标是创新，”China Post Global的董事总经理丹尼·多兰(Danny Dolan)表示。多兰称，这10个新收购的ETF基金将得到额外的种子资本，使它们对机构投资者更具吸引力。他补充说，已有两名新的销售人员获任命。

The annual management fees on the 10 ETFs will remain unchanged at between 50 and 70 basis points. However, improved terms for the underlying derivative contracts will reduce the overall cost on each fund by up to 40bp per annum.

这10个ETF的管理年费将维持在50至70个基点不变。但是，基础衍生品合同条款的改善意味着，每个基金的总成本每年将减少至多40个基点。

The mainland Chinese ETF market remains at an early stage of development, with total assets of $28.9bn. Investors withdrew a net $5.7bn in 2015 from ETFs listed in mainland China after high levels of volatility led to the suspension of more than half the stocks listed on the Shanghai bourse.

中国内地的ETF市场仍处于早期发展阶段，总资产为289亿美元。2015年，在中国股市高度波动导致上海证交所逾半数股票停牌后，投资者从中国内地上市的各ETF净撤资57亿美元。

Bank of China, China Life AMP and Huarun Yuanda all launched their first ETFs in 2015, bringing the number of mainland Chinese ETF providers up to 30, according to ETFGI.

据ETFGI介绍，中国银行(Bank of China)、国寿安保基金(China Life AMP)和华润元大(Huarun Yuanda)都在2015年推出了首批ETF，使中国内地ETF提供商数量增加到30家。