BNY Mellon has been mandated by China Construction Bank (CCB) to provide global custody services for a new qualified domestic institutional investor (QDII) fund in China launched by Fortune SG Fund Management in September. CCB is the domestic custodian for this QDII fund in China.
Fortune SG is a joint venture between China-based Hwabao Trust and Societe Generale subsidiary Lyxor Asset Management. The new Fortune SG S&P Oil & Gas Exploration & Production Select Industry Index Fund is Fortune SGs third QDII fund, and the second QDII fund, which uses BNY Mellon as global custodian. BNY Mellon was selected as global custodian by CCB for the Fortune SG Overseas Growth Equity Fund in May 2008.
This is the fifth global custody QDII mandate BNY Mellon has been awarded in 2011 to date which confirms that the solutions we are providing to Chinas asset managers remain at the forefront of the market, said Chong Jin Leow, head of Asia, BNY Mellon Asset Servicing. To help support the continued growth of Chinas funds industry, we will continue to invest in our Chinese technology platform to ensure we remain a strong partner to Chinese institutions.
BNY Mellon was awarded the very first global custody mandate for a QDII fund in 2007. The bank has had a presence in mainland China for over 15 years with offices in Shanghai and Beijing.
(JDC)