Citi awarded HK mutual fund mandate

Hong-KongHong Kong-based fund manager BEA Union Investment Management has appointed Citi as custodian and fund administrator for its first mutual fund restructure using the open-ended fund company (OFC) structure.  The OFC regime was introduced by Hong Kong’s Securities and Futures Commission in July 2018.  The legal structure allows Hong Kong-domiciled funds to use variable capital for both traditional and alternative funds. Citi has been the chosen asset servicer for BEA Union since 2013 and this latest mandate will involve the restricting of five mutual funds. “We are undertaking our first-ever fund structure conversion from unit trusts to an OFC as we are committed to ensuring that our investment vehicles are structured in the most efficient manner and well positioned for market development,” said Eleanor Wan, BEA Union’s CEO. “It is also a move to support the government’s initiative to facilitate Hong Kong as an asset management hub,” she added. © 2021 funds global asia

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