Following the announcement issued 23rd September, the closure of 15 iShares ETFs today took effect across Europe…..
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On 1st July 2013, BlackRock completed the acquisition of the Credit Suisse ETF business (‘CS ETF’). With the purchase complete, BlackRock has been working on integrating CS ETF into the iShares business and a key component of this has been a strategic review and integration of the product ranges.
The strategic review led to the decision to close 15 equity and commodity ETFs as of 24 October due to a variety of factors, principally low investor demand for the funds. The funds concerned included eight iShares funds and seven legacy Credit Suisse ETFs.
In the original statement released, Joe Linhares, Head of iShares EMEA, commented: “We completed the acquisition of Credit Suisse’s ETF business in July, and the ongoing integration process has given us a great opportunity to look across our funds and ensure we’re providing investors with the range and exposures they need today. “Credit Suisse’s ETF business was highly complementary to iShares’ offering in Europe. The review and streamlining of the product range has resulted in a small number of fund closures. As the largest ETF provider in Europe, with over 250 products, we’re committed to launching new and innovative funds, such as our minimum volatility range, and also to maintaining an efficient and relevant fund offering across the region.”
The clients still invested in the funds as of 24th October will be automatically redeemed. The assets will be liquidated in order to return the proceeds of the investment on or around 6th November.
Source: ETFWorld.co.uk – iShares
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