The latest news in funds and investments from across Asia.

Nikko
Nikko Asset Management has listed an exchange-traded fund in Hong Kong that tracks global internet firms.

The firm has rolled out the Nikko AM Global Internet ETF on the Hong Kong Exchanges and Clearing Limited (HKEx). The ETF taps into the world’s top 30 Internet companies by market capitalisation, such as Alibaba, Facebook and Tencent.

The ETF invests in the constituents of the iEdge-Factset Global Internet Index, compiled and published by Singapore Exchange Limited. The Index has a basket size of 30 stocks across trending themes such as e-commerce, internet of things, social networking, cloud services and e-gaming and is free float market capitalisation weighted with a 10 per cent stock cap on each individual Index constituent. 

“The internet’s rapid speed of development has made this an interesting space to invest in. Today, there is no specific sector classification for internet stocks. The Nikko AM Global Internet ETF overcomes this challenge for investors by offering quick yet affordable access to a diversified portfolio that tracks a thematically customised index comprising some of the world’s most established companies who derive the majority of their revenue from internet-related activities,” Phillip Yeo, joint global head of ETF Business at Nikko Asset Management, said. 

The assets under management of Nikko AM’s exchange traded funds business stood at more than $72 billion in June this year, against $27 billion at the end of 2015, and are part of a broader story of rapid ETF AuM growth around the world.