ChinaAMC awards Citi RQFII ETF mandate
03 September 2012
News, Asia, China, Hong Kong
Citi announced today (September 3) that it has been awarded a mandate to provide trustee, fund administration and custody services in support of the launch of the China Asset Management (ChinaAMC) CSI 300 Index ETF.
ChinaAMC launched China’s first ETF, the China 50 ETF, in 2004. Its CSI 300 Index ETF is the world’s first cross-border RMB-denominated and renminbi qualified foreign institutional investor (RQFII)-based ETF – it invests directly in physical A-shares, listed on the main board of the Hong Kong Stock Exchange.
“The launch of ChinaAMC CSI 300 Index ETF, the world’s first RMB ETF, and its subsequent success, is of great significance to us, and we are pleased to work with a partner like Citi, on this journey,” says Iris Chen, chief executive officer of China Asset Management (Hong Kong) Limited.
“We were pleased to work with ChinaAMC to introduce this inaugural product to the market and by leveraging on our expertise to help them develop an efficient operating model for investing directly in the A-share market”, says David Russell, Asia Pacific head of securities and fund services at Citi Transaction Services.”
The growth within Citi Transaction Services has led to the development of a wide range of services, including cash management, trade and custody, to clients and their business partners. With the launch of new RMB products and platforms in major global hubs – including Hong Kong, the United Kingdom and Latin America – Citi’s position as a leader in providing innovative transaction banking solutions continues to strengthen.
The firm’s investment services solution, Citi OpenInvestor, currently provides services to 11 ETF managers in nine markets around the world. By offering custody, administration, index receipt agent, liquidity, and trading services across both active and passive ETFs, the firm focuses on delivering global solutions across the ETF servicing value chain.
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