Fifth QDII global custody mandate awarded to BNY Mellon in 2011
SHANGHAI, December 1, 2011 — BNY Mellon, the global leader in investment management and investment services, has been selected by China Construction Bank ("CCB") as the global custodian for a new qualified domestic institutional investor ("QDII") fund in China launched by Fortune SG Fund Management Co. Ltd ("Fortune SG") on 29 September 2011. CCB is the domestic custodian for this QDII fund in China.
Fortune SG is a joint venture between HWABAO TRUST Co., Ltd (a subsidiary of China's Baosteel Group) and Lyxor Asset Management (a subsidiary of Societe Generale Group) and was one of the first joint ventures between a domestic Chinese trust company and a foreign asset management company. The new Fortune SG S&P Oil & Gas Exploration & Production Select Industry Index Fund is Fortune SG's 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 China's 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 China's 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 and today continues to be the leader with the largest market share in this funds segment in China.
BNY Mellon has had a presence in mainland China for over 15 years with offices in Shanghai and Beijing. BNY Mellon provides a wide variety of products and services to Chinese institutional investors including asset management, asset servicing, treasury services, depositary receipts and global markets. BNY Mellon's Shanghai branch also offers RMB currency and money market services following license approval in 2011.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $25.9 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available on www.bnymellon.com or follow us on Twitter @BNYMellon.