The Hong Kong branch of Chinese asset manager Fullgoal Fund Management has appointed Deutsche Bank to provide custody and fund services for two accounts under the renminbi qualified foreign institutional investor (RQFII) scheme.
The accounts allow Fullgoal's RQFII funds to buy China A-shares using offshore renminbi, an increasingly popular way for international investors to access mainland Chinese equities.
Deutsche Bank's Investor Services business will provide Fullgoal with master custody, fund administration and transfer agency services in Hong Kong, as well as sub-custody and reporting services in mainland China for its RQFII funds.
"RQFII-related services are core to our offering in the Greater China region, and this is a part of our business which has been growing exponentially," says Tim Liu, Greater China head of investor services, Global Transaction Banking, Deutsche Bank.
Established in 1999 and based in Shanghai, Fullgoal launched its Hong Kong subsidiary in November 2012. The subsidiary gained its first RQFII licence from the China Securities Regulatory Commission in December 2012.
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