BNY Mellon has been selected by Industrial and Commercial Bank of China ("ICBC") as the global custodian for a new qualified domestic institutional investors ("QDII") fund in China launched by Harvest Fund Management Co., Ltd ("Harvest FMC") in July 2011. The new fund is called the Harvest Gold Fund. Founded in 1999 and head quartered in Shanghai, Harvest Fund Management was the first joint venture to obtain a QDII license in 2007.
"With prevailing challenging global markets, exposure to commodities is in demand around the world, especially to gold which has been reaching record highs," observed Chong Jin Leow, head of Asia, BNY Mellon Asset Servicing who noted the number of QDII funds have grown by 50% in the first seven months of this year.
"Asset managers are rolling out a greater range of innovative products, which is not only terrific news for investors who want greater returns and more choice, but a positive move forward for the development of the mutual fund market in China. We expect the number of QDII funds approved by the regulator to potentially double by the close of 2011."
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