BNP Paribas Securities Services has been mandated to provide custody and fund administration services for the RQFII UCITS fixed-income fund of China Universal Asset Management (Hong Kong) (CUAMHK).
CUAMHK is a wholly-owned subsidiary of China Universal Asset Management, which manages more than $37 billion in assets, and specialises in China-related investment management solutions.
BNP Paribas will also facilitate access to the Shanghai Hong Kong Stock Connect programme.
A progressive UCITS vehicle will allow the asset manager to distribute funds in multiple jurisdictions across Europe and Asia for the first time, and contribute to diversifying its client and investment base.
CUAMHK launched its first fund through the renminbi qualified foreign institutional investor (RQFII) scheme in 2012, and its current RQFII quota stands at RMB 3.1 billion.
Shelley Yang, managing director and head of international business of China Universal Asset Management, said: “RMB internationalisation will further enhance the demand for access to the Chinese mainland market. With our upcoming UCITS funds we will provide this possibility through RQFII and also Stock Connect.”
“We are very happy to work together with BNP Paribas Securities Services on these endeavours, who have proved to be a reliable and trusted partner.”
Stephanie Marelle, head of Hong Kong for BNP Paribas Securities Services, added: “We are delighted to partner with CUAMHK as they seek to distribute their RQFII UCITS product more widely. In addition, the investment options presented by combining RQFII quotas and Stock Connect northbound trading enhance diversity and present opportunities not available previously.”
