Deutsche Bank has been appointed local custodian for BEA Union Investment Management Ltd’s renminbi qualified foreign institutional investor (RQFII) investments in mainland China.
BEA Union Investment is a joint venture formed in 2007 between The Bank of East Asia of Hong Kong and Union Asset Management Holding AG of Germany. BEA Union Investment offers comprehensive investment solutions to retail, institutional and pension fund clients.
“Deutsche Bank’s strong track record in servicing RQFII funds further demonstrates the bank’s commitment to the renminbi business,” says Mark Law, co-head of Investor Services Sales – Asia Pacific, Institutional Cash & Securities Services at Deutsche Bank.
“With the opportunities that the development of the securities market in mainland China presents, our aim is to increase our investments via the QFII and RQFII schemes. We are pleased to have chosen Deutsche Bank as custodian for our RQFII investments,” says Rex Lo, managing director at BEA Union Investment Management, added.
In addition to offering a full suite of RQFII-related services, Deutsche Bank (China) Ltd also received an Inter-bank Bond Settlement Agency licence from the People’s Bank of China in 2013, allowing the bank to provide end-to-end bond services to eligible financial institutions around the globe, including bond trading and settlement services.
