CICC takes Krane majority stake

CICC, one of China’s leading investment banking and financial services firms, announced on Tuesday the signing of a definitive agreement to acquire a majority stake in Krane Funds Advisors LLC. The acquisition target is the US asset management firm best known for its China-focused KraneShares exchange traded funds and China investment strategies. The strategic acquisition combines CICC’s extensive global research, investment and wealth management platforms with KraneShares’ ETF expertise. CICC, founded in 1995 by China Construction Bank and Morgan Stanley, was the first investment bank formed through a China-US joint venture.