CACEIS selected for RMB UCITS servicing
26 November 2015 Luxembourg
Image: Shutterstock
Bank of China in Luxembourg has chosen CACEIS to provide services for its Luxembourg renminbi (RMB) qualified foreign institutional investor (RQFII) UCITS fund.
CACEIS will provide custody, depository and fund administration for the fund, which gained approval from the Chinese regulators in October.
The Bank of China in Luxembourg has become the first institution to take advantage of Luxembourg’s RMB 50 billion ($8 billion) RQFII investment quota, granted in April. The RQFII programme is designed to allow foreign investors access to the Chinese financial markets, and this Luxembourg-domiciled fund now offers access to the Chinese Interbank Bond Market.
Lihong Zhou, CEO of Bank of China in Luxembourg, said: “We are keen to bring the benefits of the RQFII initiative to our investors. In selecting CACEIS, Bank of China in Luxembourg is proud to have created this winning partnership between two front-running entities in their respective fields.”
“We believe this venture will enable us to significantly advance our goal of building up our own asset management platform whilst bringing great value to both our entities.”
Joseph Saliba, deputy CEO of CACEIS, added: “We are delighted to be in a position to support Bank of China in Luxembourg for the launch of its first Renminbi-related Luxembourg investment product.”
“As a leading European asset servicing provider, CACEIS will leverage its extensive market experience to ensure that Bank of China in Luxembourg is able to invest its Renminbi quota securely and effectively, distribute its products efficiently and provide professional reporting services to its investors.”
CACEIS will provide custody, depository and fund administration for the fund, which gained approval from the Chinese regulators in October.
The Bank of China in Luxembourg has become the first institution to take advantage of Luxembourg’s RMB 50 billion ($8 billion) RQFII investment quota, granted in April. The RQFII programme is designed to allow foreign investors access to the Chinese financial markets, and this Luxembourg-domiciled fund now offers access to the Chinese Interbank Bond Market.
Lihong Zhou, CEO of Bank of China in Luxembourg, said: “We are keen to bring the benefits of the RQFII initiative to our investors. In selecting CACEIS, Bank of China in Luxembourg is proud to have created this winning partnership between two front-running entities in their respective fields.”
“We believe this venture will enable us to significantly advance our goal of building up our own asset management platform whilst bringing great value to both our entities.”
Joseph Saliba, deputy CEO of CACEIS, added: “We are delighted to be in a position to support Bank of China in Luxembourg for the launch of its first Renminbi-related Luxembourg investment product.”
“As a leading European asset servicing provider, CACEIS will leverage its extensive market experience to ensure that Bank of China in Luxembourg is able to invest its Renminbi quota securely and effectively, distribute its products efficiently and provide professional reporting services to its investors.”
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