Northern Trust will act as Bank of Communications’s global custodian.
Northern Trust will provide global custody, accounting, performance measurement and investment mandate compliance monitoring services to Qualified Domestic Institutional Investors (QDIIs) investing abroad via Bank of Communications.
“Northern Trust is clearly at a pivotal point in the rapid development of China’s financial services and pension industry,” says Kevin Tan, Northern Trust’s chief representative in Beijing. “Northern Trust is delighted to be working with Bank of Communications to offer global custody to QDII clients, and this comes very soon after the announcement earlier in October that the National Council for the Social Security Fund of China has also chosen Northern Trust for global custody.”
“This latest win underlines how dynamic the Chinese market is, and the strong relationships Northern Trust has developed in the market over the past few years makes us well positioned to continue to grow our client base and our business going forward,” adds Lawrence Au, general manager for the Asia Pacific region at Northern Trust.
HSBC has a large shareholding in Bank of Communications.