Bank of China allocates global custody mandate 26 January 2011Shanghai Reporter: Justin Lawson
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BNY Mellon Asset Servicing, has been selected by China Construction Bank ("CCB") as the global custodian for the upcoming QDII fund in China to be launched by Bank of China Investment Management Co., Ltd (BOCIM).
The new Fund will be called BOC Global Strategic Fund (FOF) and is expected to launch in March 2011. BOCIM is a joint venture fund management company between Bank of China Co., Ltd. and BlackRock, Inc.
"The pace of QDII approvals is expected to continue in 2011," said Chong Jin Leow, head of Asia, BNY Mellon Asset Servicing. "This is welcome news. With QDIIs outperforming domestic equity funds in 2010 for the first time since the financial crisis, thanks to an improving global economy, it is likely that more Chinese will seek to increase their international exposure via QDIIs in 2011."
BNY Mellon was awarded the very first global custody mandate for a QDII fund in 2007 and today continues to be the leader with the largest market share in this funds segment in China.
BNY Mellon's Leow, adds: "As Chinese asset managers continue to diversify their portfolios through increased investment overseas, demand for global custody and related services from institutions like BNY Mellon is on the rise. We are a strong partner to Chinese asset managers, bringing our global experience and deep understanding of the infrastructure needed for QDIIs to help them achieve their international growth ambitions."
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