CICC takes Krane ma­jor­ity stake

China Daily (Hong Kong) - - BUSINESS -

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.

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