First Asset launches Canada's first European bank ETF
First Asset Investment Management has launched the First Asset Hamilton Capital European Bank ETF.
The ETF's investment objective is to seek long-term total returns consisting of long-term capital appreciation and regular dividend income, from an actively managed portfolio comprised primarily of equity securities of European banks.
The portfolio will be managed by Hamilton Capital Partners and First Asset will provide all administrative and management services required by the ETF.
Hamilton Capital is an alternative investment manager of professionals with over 40 years combined of financial services experience, specialising in equity investments in the financial services sector.
"As the economic backdrop in Europe is poised to improve over the next few years, there are many reasons to like the banking sector. Most importantly, European banks are in the early stages of a credit-driven recovery in profitability, which, combined with significant improvements in balance sheet strength of the sector, should support a multi-year recovery in share prices,” says Robert Wessel, managing partner of Hamilton Capital Partners. "We're excited to partner with First Asset as they introduce their actively managed ETFs in the Canadian marketplace."
"European banks represent a compelling multi-year cyclical opportunity that is now in the stage of improving economic growth,” says Barry Gordon, First Asset president and CEO. "We're pleased to be working with Hamilton Capital, as they bring a wealth of knowledge in the financial services sector and have the expertise to manage this unique opportunity."
The ETF has closed the initial offering of its units and the units, available in common and advisor class units, have begun trading on the Toronto Stock Exchange. The ETF will be denominated in Canadian dollars.
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