China International Capital (CICC) has agreed to purchase a majority stake in Krane Funds Advisors, a New York-based asset management firm.

The financial terms of the deal or the size of the stake have not been disclosed.

KraneShares has five funds that oversee $738.6m in total assets. The firm’s largest vehicle KraneShares CSI China Internet ETF manages $539.7m.

CICC was founded as a joint venture between China Construction Bank and Morgan Stanley. The firm’s shareholders are China sovereign wealth fund CIC, Singapore sovereign wealth fund GIC, as well as private equity firms TPG and KKR. The company expects the latest deal to consolidate its global research, investment and wealth management platforms with KraneShares’ ETF know-how.

CICC acting chairman and CEO Mingjian Bi said: “Our entry into the U.S. asset management and ETF industry with KraneShares’ platform represents a remarkable opportunity for us to provide high quality investment products and services to our clients, including individuals, advisors, and institutions, domestically and overseas.”

KraneShares CEO Jonathan Krane added: “We believe the combined company will be the premier source for China investment products and research globally.”