Fullgoal asset management has appointed Deutsche Bank to act as custodian and fund services provider for two new accounts under China’s renminbi qualified foreign institutional investor (RQFII) scheme.
Deutsche Bank’s investor services business will provide Fullgoal with master custody, fund administration and transfer agency services in Hong Kong. It will also provide sub-custody and reporting services in mainland China for RQFII funds.
Tim Liu, Deutsche Bank’s head of investor services for global transaction banking in Greater China, said: “RQFII-related services are core to our offering in the Greater China region, and this is a part of our business which has been growing exponentially. This new mandate from Fullgoal Asset Management further demonstrates the competitiveness of our full service platform for RQFII investments.”
Michael Chow, managing director at Fullgoal Asset Management, added: “We are pleased to have chosen to work with Deutsche Bank. The Bank’s strong support, local expertise in both Mainland China and Hong Kong, as well as its level of service were important factors in this decision. We look forward to continuing to work with Deutsche Bank.”
Fullgoal is a wholly-owned subsidiary of Fullgoal Fund Management Limited, and obtained its first RQFII licence from the China Securities Regulatory Commission in December 2012.
