BNY Mellon Awarded Global Custody Mandate for New QDII Fund

BEIJING, Aug. 17, 2011 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been selected by China Construction Bank ("CCB") as the global custodian for the upcoming qualified domestic institutional investors ("QDII") fund in China to be launched by Manulife Teda Fund Management Co., Ltd ("Manulife Teda FMC").   The new fund will be called Manulife Teda New Economic Pattern Fund.

"What has marked the QDII segment so far is a lack of diversity in the product offerings for investors.  It is therefore pleasing to see that there has been a discernible surge in new and varied QDII products launched so far this year," said Chong Jin Leow, head of Asia, BNY Mellon Asset Servicing.  "This is very good news as investors want greater returns and more choice."

"We are optimistic about the growth of the QDII market and it is clear that product innovation will be key to its ongoing development. We believe the launch of different types of investment products by asset managers is a positive move forward for the development of the mutual fund market in China," added Leow.

BNY Mellon was awarded the very first global custody mandate for a QDII fund in 2007 and today continues to be the leader with the largest market share in this funds segment in China.

Manulife Teda FMC was founded in June 2002 and was one of the first joint venture fund management companies in China. The company has 16 open-ended funds under its management, with relatively comprehensive product suite for investors.

BNY Mellon has had a presence in mainland China for over 15 years with branches in Shanghai and Beijing. The company provides a wide variety of products and services to Chinese institutional investors including asset management, asset servicing, treasury services, depositary receipts and global markets.  In February 2011, the China Banking Regulatory Commission (CBRC) granted BNY Mellon a license to conduct local currency business in China. The company's Shanghai branch began offering RMB foreign exchange (FX) and money market services in April 2011, and BNY Mellon also recently began offering offshore RMB settlement services to corporate clients in Hong Kong.

Notes to editors

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets.  BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team.  It has $26.3 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.7 trillion per day.  BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).  Additional information is available at http://www.bnymellon.com and through Twitter @bnymellon.

SOURCE BNY Mellon