BNY Mellon Asset Servicing, Bank of New York Mellon Corp.'s securities servicing arm, has been chosen as the overseas custodian for China International Fund Management Co.'s Asia Pacific Advantage Fund.
China International Fund Management is the fourth fund manager to receive a qualified domestic institutional investor's license, which enables Chinese institutions to invest in international markets.
Marketed as the CIFM Asia Pacific Advantage Fund, the portfolio will invest in markets including Hong Kong, Singapore, South Korea, Australia, and India. The fund raised a record $15.4 billion during the initial subscription period.
Chong Jin Leow, head of Asia for BNY Mellon Asset Servicing, said in a press release: "Accelerating the already significant growth of our business in China is a strategic priority for us. Tremendous opportunities are opening up across the region, and we are pleased that the solutions we are providing to institutions in … the Chinese market have been so successful."
BNY Mellon Asset Servicing, which announced the arrangement Tuesday, offers clients custody and fund services, securities lending, performance and analytics, and execution services.
Bank of New York Mellon has operations in 34 countries. At Sept. 30, it had more than $20 trillion of assets under custody and administration, more than $1.1 trillion under management, and $11 trillion of outstanding debt being serviced.
