BNP Paribas Securities Services, a global custodian with USD 9 trillion in assets under custody, today announced it has been mandated by China Universal Asset Management (Hong Kong) Company Limited (CUAMHK) to provide custody and fund administration for its RQFII UCITS fixed income fund as well as to facilitate access to the Shanghai-Hong Kong Stock Connect programme.
CUAMHK is the wholly owned subsidiary of China Universal Asset Management Company Limited, which manages assets in excess of USD 37 billion*. It specialises in China-related investment management solutions and is one of the fastest growing asset managers in China.
Working with BNP Paribas Securities Services, the progressive UCITS vehicle will allow CUAMHK to distribute its funds in multiple jurisdictions across Europe and Asia for the first time, diversifying its client and investment base. CUAMHK launched their first RQFII fund in Hong Kong in 2012, their current RQFII quota standing at RMB 3.1 billion.
Shelley Yang, Managing Director and Head of International Business of CUAM, commented: “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, 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.”
* figures as of Q4 2014