BNY Mellon has been appointed by the Industrial and Commercial Bank of China (ICBC) as global custodian for Bosera Asset Managements Bosera S&P 500 Index Fund, which was launched in May.
ICBC is the domestic custodian for the qualified domestic institutional investor (QDII) fund.
Shenzhen-based Bosera Asset Management, which was established in 1998, is one of Chinas largest asset managers, with over $28.7 billion in AuM. This fund is its third QDII fund.
BNY Mellon was awarded the first global custody mandate for a QDII fund in 2007.
A healthy pipeline of QDII funds pending approval by the regulator, along with the potential increase in cross-border investment, present many opportunities for BNY Mellon to help Chinese asset managers achieve their goals, says Chong Jin Leow, head of Asia BNY Mellon Asset Servicing
(OS)