BNY Mellon has been selected by China Construction Bank (CCB) as the global custodian for the upcoming qualified domestic institutional investors (QDII) fund in China to be launched by Manulife Teda Fund Management Co, Ltd. The new fund will be called Manulife Teda New Economic Pattern Fund.
"What has marked the QDII segment so far is a lack of diversity in the product offerings for investors. It is therefore pleasing to see that there has been a discernible surge in new and varied QDII products launched so far this year," says Chong Jin Leow (pictured), head of Asia, BNY Mellon Asset Servicing. "This is very good news as investors want greater returns and more choice.
"We are optimistic about the growth of the QDII market and it is clear that product innovation will be key to its ongoing development. We believe the launch of different types of investment products by asset managers is a positive move forward for the development of the mutual fund market in China."
BNY Mellon was awarded the very first global custody mandate for a QDII fund in 2007 and today continues to be the leader with the largest market share in this funds segment in China.
Manulife Teda FMC was founded in June 2002 and was one of the first joint venture fund management companies in China. The company has 16 open-ended funds under its management, with relatively comprehensive product suite for investors.