CCB picks BNY Mellon for QDII fund 17 August 2011Beijing Reporter: Anna Reitman
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BNY Mellon has been selected by China Construction Bank (CCB) as the global custodian for the upcoming qualified domestic institutional investors (QDII) fund to be launched by Manulife Teda Fund Management.
"What has marked the QDII segment so far is a lack of diversity in the product offerings for investors. It is therefore pleasing to see that there has been a discernible surge in new and varied QDII products launched so far this year," said Chong Jin Leow, head of Asia, BNY Mellon Asset Servicing. "This is very good news as investors want greater returns and more choice."
QDII funds allow China-domiciled institutions and residents to buy financial products overseas via mainland commercial banks and other financial institutions.
The new fund will be called Manulife Teda New Economic Pattern Fund.
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