The first ever exchange-traded fund (ETF) to be traded on Kazakhstan’s Astana International Exchange (AIX) was launched on Wednesday (July 3) by ITI Funds, an emerging market asset manager.
The ITI Funds UCITS ETF SICAV (RUSB) was listed with quotation and settlements in US dollars. RUSB is also listed on the London Stock Exchange and the Moscow Exchange (MOEX).
Tim Bennett, AIX CEO, a former CEO of New Zealand's NZX, welcomed ITI Funds to the Exchange, saying:
“We are very pleased to welcome the first ETF issuer on Astana International Exchange. The listing of the first ETF on the AIX will provide investors with a simple and transparent tool to invest in various assets worldwide.”
“The introduction of ETF is a part of AIX’s strategy to broaden the options available on the capital market to support the development of the investor base in Kazakhstan,” he added.
Commenting on the lisiting Gleb Yakovlev, CEO of ITI Funds said:
“This listing should make our units more attractive and accessible for local investors while giving us better visibility in Kazakhstan and providing an opportunity to broaden our investors base.”
In 2018, ITI Funds launched one of the world’s first institutional crypto fund with $70 million of assets, operating under the regulatory compliant infrastructure consisting of dedicated administrator, auditor and EU licensed banks, making investment in crypto available to institutional investors.
In March 2019, the asset management business, launched the ITI Funds Crypto Index Fund -based on the ITI Funds Crypto Index- which invests in cryptocurrencies from among the 30 most-capitalised crypto assets, including Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, ZCash, Stellar, and Ethereum Classic.
ITI Funds was established in 2015. Its offices are located on Guernsey and in Luxembourg. Funds, launched on ITI Funds platform are registered in Luxembourg, Caymans and Guernsey and are traded on London, Moscow and Irish stock exchanges. The company has launched 10 funds including algorithmic and hedge funds, special situations, private equity funds and ETFs with total AUM of more than $100 million.
The ITI Funds brand name belongs to ITI Asset Management Holding Limited, incorporated in Guernsey. ITI Funds is 89% owned by Da Vinci Capital, a leading emerging markets private equity manager. Backed by the European Bank for Reconstruction and Development and other major institutional investors, Da Vinci Capital has over $300 million of assets under management in «Fund I», «Fund II», «Pre-IPO Fund» and co-investment funds
AIX was formed in 2017 as part of the Astana International Financial Centre (AIFC), a financial hub for Central Asia, the Caucasus, EAEU, the Middle East, West China, Mongolia and Europe.
The Exchange's first trading session was held on November 14, 2018, coinciding with the 25th anniversary of tenge, the national currency of Kazakhstan. On the same day, AIX successfully held the IPO of Kazatomprom, the state-owned uranium production company of Kazakhstan.
AIX shareholders are global leaders of the exchange industry – the Shanghai Stock Exchange, the Silk Road Fund, the Goldman Sachs international financial group and the Nasdaq which provides AIX trading platform.
The Exchange serves as a platform for implementing the program for privatisation of state-owned companies, as well as for issuing and trading in government and corporate securities. It operates within the regulatory environment familiar to international investors, in the English law jurisdiction.