BEA Union Investment Management has chosen to use Deutsche Bank as custodian in mainland China for its Renminbi Qualified Foreign Institutional Investor (RQFII) investments.
The custody services will be provided by Deutsche Bank’s investor services business, part of its institutional cash and securities services unit.
BEA Union Investment is a joint venture, formed in 2007, between the Bank of East Asia of Hong Kong and Union Asset Management Holding AG of Germany. It offers investment solutions for retail, institutional and pension fund clients.
Deutsche Bank has also received an inter-bank bond settlement agency licence from the People’s Bank of China, meaning that it can provide end-to-end bond services for eligible financial institutions from around the world. This includes bond trading and settlement services.
Mark Law, co-head of investor services sales for Deutsche Bank’s Asia Pacific institutional cash and securities services, said: “We are delighted to be working with BEA Union Investment as custodian bank in mainland China. Deutsche Bank’s strong track record in servicing RQFII funds further demonstrates the Bank’s commitment to the Renminbi business.”
Rex Lo, managing director at BEA Investment Management, added: “With the opportunities that the development of the securities market in mainland China presents, our aim is to increase our investments via the QFII and RQFII schemes. We are pleased to have chosen Deutsche Bank as custodian for our RQFII investments.”
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