SHANGHAI, China, June 10 /Xinhua-PRNewswire/ -- BNY Mellon Asset Servicing, the global leader in securities servicing, has been selected as Overseas Custodian for Fortune SGAM Fund Management Co's first QDII, entitled the CCB Fortune SG Overseas Growth Equity Fund.
The Fortune SGAM Fund Management Company is a joint venture between China's Baosteel Group and Societe Generale Asset Management, and is one of the first joint ventures between a domestic Chinese trust company and a foreign asset management company with assets under management close to US$10 billion. Its range of fund products caters to the investment needs of the Chinese market, and this QDII fund is the first international fund from Fortune SGAM to tap international investment opportunities for Chinese investors.
Fortune SGAM Fund Management was one of the first Chinese institutions to receive a QDII (Qualified Domestic Institutional Investor) licence in 2008, enabling its clients to invest in international markets. The CCB Fortune SG Overseas Growth Equity Fund will invest in Hong Kong, Singapore, the United Kingdom and the United States, and will be distributed in China through China Construction Bank.
"Fortune SGAM Fund Management selected BNY Mellon Asset Servicing based upon their experience in the QDII market and their dedicated training and servicing culture," stated Mr. Pei Changjiang, CEO of Fortune SGAM Fund Management Co. in Shanghai. "We have been impressed with their knowledge of this unique investment structure in China."
Chong Jin Leow, head of Asia at BNY Mellon Asset Servicing, said: "Working with Fortune SGAM Fund Management on the launch of the CCB Fortune SG Overseas Growth Equity Fund has been a great opportunity for us, and we are pleased to be able to continue to ensure the operational success of QDII funds originating in China. Our appointment to work with Fortune SGAM Fund Management, one of China's leading financial institutions, confirms that the solutions we are providing to China's top institutions remain at the forefront of the market."
Notes to editors
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialised asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through The Bank of New York, Mellon Bank, N.A. and other related companies.
The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has more than $23 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $12 trillion in outstanding debt. Additional information is available at bnymellon.com.
