BNP Paribas wins custody mandate

BNP Paribas wins custody mandate

China Universal Asset Management (Hong Kong) Company Limited (CUAMHK) has awarded a fixed-income mandate to BNP Paribas Securities Services.

BNP Paribas Securities Services has been awarded the mandate to provide CUAMHK with custody and fund administration for its Renminbi Qualified Foreign Institutional Investor fixed income fund (RQFII UCITS).

According to a BNP Paribas statement, the bank will also facilitate access to the Shanghai Hong Kong Stock Connect program.

BNP Paribas' head of Hong Kong, Stephanie Marelle, said, “We are delighted to partner with CUAMHK as they seek to distribute their RQFII UCITS products more widely.

“In addition, the investment options presented by combining RQFII quotas and Stock Connect Northbound trading enhance diversity and present opportunities not available previously."

The UCITS vehicle will let CUAMHK to distribute its funds in multiple jurisdictions across Europe and Asia, allowing the firm to diversify its client and investment base, the statement said.

CUAM managing director and head of international business, Shelley Yang, added that “[renminbi] internationalisation will further enhance the demand for access to the Chinese mainland market".

“With our upcoming UCITS funds we will provide this possibility through RQFII and also Stock Connect,” she said.

“We are very happy to work together with BNP Paribas Securities Services on these endeavours, [and they] have proved to be a reliable and trusted partner,” Ms Yang said.

CUAMHK launched its first RQFII fund in Hong Kong in 2012. The current RQFII quota stands at RMB 3.1 billion.

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