BNY Mellon 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. CCB is the domestic custodian for this QDII fund in China.
Fortune SG is one of the first joint ventures between a domestic Chinese trust company, Hwabao Trust, and a foreign asset management company, Lyxor, which is a subsidiary of Societe Generale. It is the JV's second QDII fund which uses BNY Mellon as global custodian.
"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."
