In what it is claiming is a world first, BNP Paribas Asset Management was given the go ahead by the Australian Securities and Investments Commission on Thursday to offer a range of actively managed exchange-traded funds ETFs. The four ETFs will feed into four existing institutional funds managed by BNP Paribas.
As far as we know, there is nothing like this offered on any other exchange, says Robert Harrison, executive director of BNP Paribas in Sydney. There are several index-linked ETFs in the US and a few closed-end actively managed funds, but none that is an open-ended fund that can be purchased at NAV at any time. For these funds...
