London Beats New York in Drawing Saudi ETF Investor Billions - Bloomberg:
Investors betting on Saudi Arabian shares are showing a clear preference for funds listed in Europe over the U.S. The contrasting picture may come down to which market offers lower fees and more attractive treatment on taxes and dividends.
An exchange-traded fund focused on Saudi equities offered by BlackRock Inc. in New York since 2015, the year when the oil-rich kingdom started opening up to foreigners, drew net inflows of about $626 million this year, quadrupling in size from the end of 2018.
Still, that’s dwarfed by the $1.5 billion that has poured into BlackRock’s London-listed ETF, which has very similar objectives but is only three months old. A London-listed fund run by Invesco Ltd. that was started last year has attracted $1.1 billion in 2019. Both European options are now bigger than their American predecessor.
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