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Singapore bourse welcomes Phillip SING Income ETF

Singapore_Exchange_buildingAsian fund management company Phillip Capital Management’s third exchange-traded fund (ETF) launched on the Singapore Exchange (SGX) on October 29, 2018. The Phillip SING Income ETF tracks the performance of the Morningstar Singapore Yield Focus Index. The index consists of the top 30 dividend stocks listed on the SGX-ST and are selected on the basis of three criteria: quality, financial health and dividend yield. It had $68 million (€59.8 million) in initial assets under management at the close of subscription. The Singapore team of law firm Simmons & Simmons acted for Phillip Capital Management in the establishment, authorisation and listing of the ETF. Jeffrey Lee, Phillip’s managing director and chief investment officer, said: “The constituent securities of the initial portfolio of the index offers dividend yield in excess of 4% per annum, a significant yield advantage to long-term Singapore government bonds.” He said track record of the Morningstar index that the ETF tracks had consistently delivered dividend and capital growth since its constitution in June 2005. ©2018 funds global asia

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