NEW YORK, Dec. 9, 2013 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been named to support the innovative db X-trackers Harvest CSI 300 China A-Shares Fund (ASHR) by providing custody, fund accounting, administration, and transfer agency services.
The fund, launched on NYSE Euronext on November 6, 2013, is the first Renminbi Qualified Foreign Institutional Investor (RQFII) exchanged-traded fund (ETFs) available to U.S. investors to invest in physical Chinese equities listed on the Shanghai and Shenzhen exchanges.
"This expands our relationship with BNY Mellon, which is the primary service provider to Deutsche Bank's ETF business in the U.S., which now encompasses 27 funds," said Martin Kremenstein, head of passive asset management Americas for Deutsche Asset and Wealth Management. "BNY Mellon has the expertise and resources to help us quickly launch innovative and complex new funds that can provide investors with a range of choices among asset classes."
"This is another example of BNY Mellon's ability to help bring to market a pioneering product," said Joseph F. Keenan, managing director, BNY Mellon, and head of the Global ETF Services business. "Until now, most Chinese ETFs have been limited to providing exposure to Hong Kong equities. This expands the opportunities available to investors and enables them to gain direct exposure to the stocks of companies trading on the Shanghai and Shenzhen exchanges."BNY Mellon serves as custodian, record keeper or administrator for approximately half of all U.S. listed ETFs across a broad range of asset classes. Notes to Editors: BNY Mellon's Asset Servicing business supports institutional investors in today's fast-evolving markets, safeguarding assets and enhancing the management and administration of client investments through services that process, monitor and measure data from around the world. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.