Lyxor embarked on its ETF business in Asia in 2000, the same year that it began ETF operations in Europe. But while the European business has expanded rapidly, courtesy of institutional investors and extensive competition, the Asian ETF market has been "stuck in first gear", says Joseph Ho, Lyxor's Hong Kong-based head of ETFsales and marketing.
The introduction of the Tracker Fund to Hong Kong in 2000 ushered in a wave of development, but efforts soon stalled. "Without the equivalent of an Unde
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