Citi wins China Asset Management custody mandate

24 October 2013   Category: News, Asia, China, Hong Kong   By Asia Asset Management

Citi Hong Kong has been appointed by China Asset Management (Hong Kong) Limited (CAMHK) to provide global custody, trustee and fund administration services for their newly launched CES China A80 Index ETF. Selected as the renminbi qualified foreign institutional investors (RQFII) custodian, Citi China is responsible for ensuring the safe custody of CAMHK’s assets under management within China. This appointment further strengthens Citi’s continued alliance with CAMHK since the launch of its CSI 300 Index ETF, the world’s first RQFII A-Share ETF, in July 2012.
 
Launched on August 26, the CES China A80 Index ETF is a sub-fund of the ChinaAMC ETF Series. It is CAMHK’s second RQFII ETF, and the first listed on the Hong Kong Stock Exchange based on an index developed by the China Exchanges Services Company. 
 
Iris Chen, chief executive officer of CAMHK, said: “We are delighted to expand our partnership with Citi on the launch of our new CES China A80 Index ETF. Citi’s expertise is an invaluable asset in assisting us to complete the fund set up quickly and be the first to market the creation of a new wave of RQFII products that has never been done before. We look forward to growing our relationship with Citi and working together on the launch of more funds in the future.”
 
“This mandate marks a significant extension of Citi’s collaboration with China Asset Management, we are excited to be a strategic partner in their expanding RMB ETF business,” said David Russell, region head, Asia Pacific for Citi’s securities and fund services. “China Asset Management can count on our steadfast commitment in providing an integrated and complete solution to support them in improving operational efficiency, enabling them to harvest the benefits of working with a truly global partner.”