BNY Mellon Asset Servicing has been selected by China Construction Bank as the global custodian for the upcoming QDII fund in China to be launched by Yinhua Fund Management Company. The new fund will be called Yinhua Anti-Inflation Theme Fund (LOF).
With the State Administration of Foreign Exchange recently announcing it has granted quota to 87 QDII investors to invest $66.9 billion globally as of the end of September, is a clear that confidence in QDIIs is returning after being out of favour for two years, says Chong Jin Leow, head of Asia, BNY Mellon Asset Servicing. In 2011 we expect to see a steady increase in the number of QDII launches if those already in the development process is a true indication of future trends.
BNY Mellon was awarded the very first global custody mandate for a QDII fund in 2007.
Yinhua is headquartered in Beijing and has offices in Shenzhen and Shanghai. Founded in 2001, it has over RMB85 billion of assets under management as of Dec. 31, 2010, and was one of the first companies to receive a QDII license (Qualified Domestic Institutional Investor) in 2007.