First Asset launches actively managed global financials ETF

Apr 26th, 2016 | By | Category: Equities

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Canadian investment manager First Asset has unveiled the First Asset Global Financial Sector ETF (FSF) following its conversion from a closed-end fund called the First Asset Hamilton Capital European Bank Fund. The ETF, which is listed on the Toronto stock exchange, is actively managed by Signature Global, a specialist in core equity, balanced and income-oriented investing with over $50 in assets under management.

First Asset actively managed ETF to target global financials

Barry Gordon, President and CEO of First Asset.

The fund is composed primarily of global financial services firms across developed and emerging markets and seeks total return from long-term capital appreciation and regular dividend income. Signature Global’s John Hadwen, Vice President and Portfolio Manager, will be responsible for stock selection for the portfolio.

Barry Gordon, President and CEO of First Asset, commented in a statement: “FSF represents an exciting opportunity to combine the strengths of the Signature Global Asset Management team and First Asset. FSF is an actively managed ETF that delivers to investors the benefits of ETFs, including tax efficiency, liquidity, and low cost, while also offering them the expertise and analytical strength provided by Signature’s award winning asset management team.”

Hadwen added: “The global financial services sector is an attractive investment opportunity. Regulatory requirements and impacts have hampered returns over the last number of years. However, with capital requirements seemingly addressed, we anticipate higher valuations and superior dividend growth in the banks compared to other global sectors. As well, consumer finance, brokerage and wealth management sectors are presenting appealing valuations, helping propel the sector forward.”

As of 25 April 2016 the fund has significant country exposure to the US (50.3%), Sweden (8.6%), the UK (8.4%), Spain (5.9%) and Australia (5.2%).

The total expense ratio of the fund is 0.85%.

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