BNP Paribas wins Asia custody mandate

BNP Paribas wins Asia custody mandate

BNP Paribas Securities Services has won a custody mandate from HFT Investment Management.

The custodian now provides services for the firm’s recent Renminbi (RMB) Qualified Foreign Institutional Investor (RQFII) fund offerings.

The funds include the China Money Market Fund under the RQFII scheme and the first ever truly diversified China High Yield Bond Fund, combining bonds traded in the Hong Kong and mainland China markets.

BNP Paribas also provides the funds with fund accounting, transfer agency and Hong Kong trustee services.

Jelle Vervoorn, CEO of HFT HK said, "These funds are key milestones in our strategy to rapidly build a full RMB product range across asset classes that caters to the requirements of global investors. 

"Our group ambition is to pursue an aggressive growth strategy by tapping international investors to drive the demand for our fund business.  With the support of BNP Paribas’ global reach and local servicing, we can focus on the key drivers of our business by building a solid track record in RQFII funds.”

The custodian set up its Hong Kong trustee service in 2012 to meet growing demand.