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Industrial and Commercial Bank of China Limited Selects BNY Mellon Asset Servicing as Overseas Custodian of China Southern's QDII Fund

2007-11-12 17:17 1182



HONG KONG, Nov. 12 /Xinhua-PRNewswire/ -- BNY Mellon Asset Servicing, a global leader in securities servicing, has been appointed by the Industrial and Commercial Bank of China Limited (ICBC) as Overseas Custodian for its record breaking Qualified Domestic Institutional Investor (QDII) fund in China.

This mandate was won in partnership with BNY Mellon Asset Management, who has been appointed to provide sub-advisory services in relation to China Southern's QDII fund mandated by China Southern Fund Management Co. Ltd (China Southern). China Southern's QDII fund launched at a capped US$4 billion in assets having received US$6.5 billion in subscriptions from Chinese investors.

The QDII programme enables Chinese investors to access foreign fund management capabilities. China Southern, the first regulated fund management company in China, was amongst the first Chinese asset management companies to be authorised to develop and market QDII products. A leading selection of BNY Mellon Asset Management investment subsidiaries are the sub-advisors to China Southern on this mandate, which gives global equity exposure with alpha generated from asset allocation, stock selection, and long only fund selection.

Dr. Zhou Yueqiu, general manager of the Asset Custody Department at ICBC, said: "BNY Mellon Asset Servicing is the leading global custodian and fund administrator to QDII funds in China. We selected BNY Mellon Asset Servicing as overseas custodian to ensure that QDII funds would receive the highest standards of efficiency and capability."

Chong Jin Leow, head of Asia at BNY Mellon Asset Servicing, said: "We are extremely pleased to support the continued development of the QDII market in China. Our partnership with China Southern and ICBC to bring their highly successful QDII product to market highlights the time, effort and support we are dedicating to this important market segment."

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 $20 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $11 trillion in outstanding debt. Additional information is available at bnymellon.com.

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.

Source: BNY Mellon Asset Servicing
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