Two more Chinese fund houses have received permission to roll out domestic gold ETFs, with managers saying they will drive competition despite a slumping gold price.
David Chang, head of fixed income China at BNP Paribas, will step up to the deputy CEO post at Guotai.
Nasdaq is introducing one of the most heavily traded ETFs in the world to Chinese institutional and retail investors.
Fund-unit splits and dividend payments help Chinese fund management companies to raise new assets, but investors may not benefit.
This type of memorandum of understanding at once says a lot, and says nothing.
Beyond this project lie unknowns for UBS Asset Management''s ambitions in China.