BNY Mellon Asset Servicing has been selected as Overseas Custodian for China International Fund Management Co.’s (CIFM) Asia Pacific Advantage Fund.
CIFM is the fourth fund management company to receive a Qualified Domestic Institutional Investor (QDII)) licence, enabling domestic Chinese investors to invest in international markets. Marketed as the CIFM Asia Pacific Advantage Fund, the fund will invest in markets including Hong Kong, Singapore, South Korea, Australia and India.
The initial success of China’s fund management company QDII scheme has resulted in record subscriptions, and the CIFM Asia Pacific Advantage Fund raised a record RMB 116 billion (US$ 15.4 billion) during the initial subscription period, well in excess of its US$ 4 billion quota.
“Accelerating the already significant growth of our business in China is a strategic priority for us. Tremendous opportunities are opening up across the region and we are pleased that the solutions we are providing to institutions taking part in both the QDII and QFII sectors of the Chinese market have been so successful. We are honoured to have been selected for this important mandate,” says Chong Jin Leow, head of Asia, BNY Mellon Asset Servicing.