Citi’s Securities and Fund Services (CSFS), a division of global transaction services (GTS), has been appointed custodian bank by Korea-based Tong Yang Investment Trust Management. The mandate exclusively covers China with Citi acting as custodian for Tong Yang Investment Trust’s client’s Qualified Foreign Institutional Investor (QFII) investments.
Under the mandate, CSFS will provide Tong Yang Investment Trust Management an array of custody services including asset safekeeping, trade transaction processing, income collection, corporate actions and regulatory reporting. Citi will also provide customised foreign exchange (FX) services for the client’s renminbi (RMB) account.
The announcement follows Tong Yang Investment Trust Management’s recent QFII status approval by the China Securities Regulatory Commission (CSRC). By receiving QFII approval, Tong Yang Investment Trust Management can invest in the China A Share market for its client base in Korea.
In servicing Tong Yang Investment Trust Management’s QFII business, Citi continues to act as custodian bank for more QFII funds than any other provider, while further displaying its commitment to this expanding part of the China securities market. Additionally, by securing this important mandate against strong competition, Citi continues to win the most visible QFII mandates from Korea-based investment managers as they look to increasingly capitalize on the Chinese market.
James Young, director, head of alternative investment division, Tong Yang Investment Trust Management, said: “China is strategically important for us and we have signalled our long-term confidence in this market through our recent QFII approval. Citi’s detailed understanding of our objectives and leadership in providing custodian services to QFII clients in China gives us great confidence in our choice of partner.”
UK firms investment in training and development will increase, on average, by a fifth in the next year, claims Robert Half recruitment after interviewing 100 financial services (FS) executives.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.