Citis Securities and Fund Services, a division of Global Transaction Services, has been appointed custodian bank by Korea-based Tong Yang Investment Trust Management. The mandate exclusively covers China with Citi acting as custodian for Tong Yang Investment Trusts clients Qualified Foreign Institutional Investor (QFII) investments.
Under the mandate, Citis Securities and Fund Services will provide Tong Yang Investment Trust Management with custody services including asset safekeeping, trade transaction processing, income collection, corporate actions and regulatory reporting. Citi will also provide foreign exchange services for the clients RMB account.
The announcement follows Tong Yang Investment Trust Managements recent QFII status approval by the China Securities Regulatory Commission. By receiving QFII approval, Tong Yang Investment Trust Management can invest in the China A Share market for its client base in Korea.
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