BNY Mellon Asset Servicing Selected as Overseas Custodian for China International Fund Management
BNY Mellon Asset Servicing has been selected as Overseas Custodian for China International Fund Management Co.’s (CIFM) Asia Pacific Advantage Fund. CIFM is the fourth fund management company to receive a QDII (Qualified Domestic Institutional Investor) licence, enabling domestic Chinese investors to invest in international markets. Marketed as the CIFM Asia Pacific Advantage Fund, the fund will invest in markets including Hong Kong, Singapore, South Korea, Australia and India. The initial success of China’s fund management company (FMC) QDII scheme has resulted in record subscriptions, and the CIFM Asia Pacific Advantage Fund raised a record RMB116bn (US$ 5.4bn) during the initial subscription period, well in excess of its US$4bn quota.