US stock exchange Nasdaq has embarked upon a regional push to increase its presence in passive index products by poaching Chris Tse, former head of intermediary distribution for China and Hong Kong markets at BNY Mellon Investment Management, AsianInvestor can reveal.
Tse quit his role at BNY Mellon Investment Management last Thursday (August 31) and joined US stock exchange Nasdaq yesterday in Hong Kong (September 4).
At his new employer, Tse is tasked with leading its exchange-traded products (ETPs) and institutional businesses, which had previously been handled directly by the US headquarters, a source with knowledge of the matter told AsianInvestor.
Tse had not been at BNY Mellon Investment Management long, only joining in November 2016. Before that, he had five years’ experiences in the index industry working with FTSE Russell. He first joined the index provider as an associate director for institutional sales in Asia between September 2010 and April 2013, and was promoted to Asia director in May 2013 and exited in August 2015.
BNY Mellon Investment Management is in the process of hiring Tse’s replacement, a spokeswoman said. His role is currently being covered by Nicolas Kopitsis, the fund manager’s head of intermediary distribution for Asia Pacific ex Japan.
Currently more than 20 ETPs track Nasdaq global indexes through Asia, the company said on its website. Products range from traditional exchange traded funds (ETFs) tracking Nasdaq-100 index, to leveraged and inverse ETFs and high dividend ETFs. Assets invested into ETPs reached a new record high of $151 billion at the end of July, versus $130 billion at the end of 2016, according to independent research firm ETFGI.
Fund managers that have ETPs tracking Nasdaq indices in Asia include Betashares, BlackRock, BMO, ChinaAMC, Fubon, GF Funds, Guotai Asset Management, Mirae, Motilal Oswal and Nomura.
In addition to his time at BNY Mellon Investment Management and FTSE Russell, Tse has also worked as head of fund distribution for greater China region at Credit Agricole Asset Management and had a sales role at Franklin Templeton Investments.