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BNY Mellon wins Chinese QDII mandate
13 July 2012
BNY Mellon has been selected as global custodian for a new QDII fund in China
BNY Mellon has picked up a global custody mandate from Bosera Asset Management for its new qualified domestic institutional investors (QDII) fund in China.
Industrial and Commercial Bank of China is the domestic custodian for this fund, and selected BNY Mellon. The fund was launched in May this year.
“As China continues its move towards internationalization of the renminbi (RMB), it is likely that there will be broadened channels for the outflow of domestic capital,” said Chong Jin Leow, head of Asia, BNY Mellon Asset Servicing. “This is very good news for investors seeking to diversify their exposures through seeking opportunities internationally.”
He added that a healthy pipeline of QDII funds awaiting regulatory approval as well as a potential rise in cross-border investment provide many opportunities for the custodian to help Chinese asset managers reach their goals.