BNY Mellon to provide fund services to db X-trackers Harvest CSI 300 China A-Shares Fund
BNY Mellon has been named to support the 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 6 November, is the first Renminbi Qualified Foreign Institutional Investor (RQFII) exchanged-traded fund available to US 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 US, which now encompasses 27 funds," says 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," says 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 US listed ETFs across a broad range of asset classes.
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