Mandate watch: BNY Mellon and Citi lead the way in China


BNY Mellon has been selected by the Industrial and Commercial Bank of China as global custodian for a new S&P 500 index qualified domestic institutional investor (QDII) fund in China launched by Bosera Asset Management in the second quarter of this year. ICBC is the domestic custodian for the fund. Bosera is based in Shenzhen and has more than $28.7 billion in assets under management. “As China continues its move towards internationalisation of the renminbi, it is likely that there