News

Deutsche wins QDII custody deal with Hwabao Trust

Shanghai1Deutsche Bank has won a mandate to provide custody to Hwabao Trust's investments under China's qualified domestic institutional investor (QDII) programme.

Hwabao Trust, which is based in Shanghai, has a $1.9 billion QDII quota, the largest granted to date to a trust company under the QDII programme, which allows qualifying Chinese institutions to invest outside the country.

Founded in 1998, Hwabao Trust is part of the financial division of Baosteel Group. At the end of last year, Hwabao Trust had 490 billion renminbi ($79 billion) under management, including annuities.

Perry Qiu, head of Hwabao's international department, says it was important to choose a global bank with a good record in servicing QDII assets.

Deutsche Bank is an active player in the Chinese market and owns a stake in Beijing-based asset manager Harvest Fund Management. Deutsche Bank was awarded its own QDII quota, worth $300 million, in 2007.

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