China Construction Bank has appointed BNY Mellon as global custodian to a qualified domestic institutional investors (QDII) fund due to be launched soon.
The fund is run by the Chinese bank’s asset management joint venture with Manulife called Manulife Teda Fund Management. The fund is called the Manulife Teda New Economic Pattern Fund.
Chong Jin Leow, head of Asia, BNY Mellon Asset Servicing, said: “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.
“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 says it currently has the largest market share in QDII global custody mandates, having been awarded the first one in 2007.