BNY Mellon Asset Servicing Selected for Korea's First Locally Domiciled Investment Trust Funds to China A-Share Market
September 27 2007 - 5:03AM
PR Newswire (US)
LONDON, Sept. 27 /PRNewswire-FirstCall/ -- BNY Mellon Asset
Servicing, a global leader in securities servicing, has been
selected by PCA Asset China Dragon A Share Fund -- Korea's first
locally domiciled fund that invests in China A-share market -- to
provide custody services. China A-share markets in Shanghai and
Shenzhen stock exchanges are open only to Chinese-national
investors and qualified foreign institutional investors ("QFII").
PCA Investment Trust Management Company, an affiliate of Prudential
Asset Management, and Kookmin Bank, trustee of the fund, is Korea's
first locally domiciled investment trust fund to invest directly
into the China A-share market. Mr. Sang-Bum Lee, Head of the
Foreign Custody team at Kookmin Bank, commented: "Kookmin Bank is
the largest trustee bank in Korea with a strong corporate and
retail banking network. As the first trustee bank in Korea to allow
local investors to make investments into the China A-share market,
Kookmin Bank will take the advantage of leading local investors to
tap into this new investment market. Kookmin Bank selected The Bank
of New York Mellon because of its strong partnership approach and
its ability to share their expert knowledge in the complex workflow
of securities and cash instruction movements to and from the China
market. Over the course of many years working with The Bank of New
York Mellon, they have consistently demonstrated that they can
commit their valuable resources and time to meet our requirements
and expectations as well as the demands of the Korean market." Mr.
Tae Hyun Son, Team Head, Operations and Risk Management of PCA
Investment Trust Management Company in Korea, ("PCA ITMC"), said:
"PCA ITMC has been working with The Bank of New York Mellon to set
up QFII related workflow. The Bank of New York Mellon is also known
in Korea to be working very closely with Kookmin Bank on the
development of the QFII workflow, and this close working
partnership was one of the important factors we looked for when
selecting suitable partners. We look forward to enhancing our
relationship with both Kookmin Bank and The Bank of New York Mellon
and believe the two will provide us with excellent service that
will meet our current and future needs." Chong Jin Leow, Head of
Asia Asset Services, at BNY Mellon Asset Servicing, said: "We have
always been committed to being the preferred partner of Kookmin
Bank and Prudential Asset Management to help them succeed. We
understood the needs of Korean investors' demands in rapidly
expanding the number of markets available to them, and providing
access to one of the world's fastest growing markets represents an
excellent opportunity for Korean investors. We applaud Kookmin Bank
and PCA ITMC and Prudential Asset Management following the
successful launch of their first locally domiciled investment trust
fund targeting the China A-share market." Chong Jin Leow noted the
complex securities and cash workflow instructions between Korea and
China is the culmination of months of extensive work by the teams
at The Bank of New York Mellon, Kookmin Bank and PCA ITMC and
highlighted the value of establishing a strong and disciplined
relationship management infrastructure to meet the demands of
Korean retail clients. The Bank of New York Mellon has been
conducting business in Korea for nearly 20 years. The company has a
full branch office in Korea, and works with a wide range of banks,
governments, and other financial institutions throughout the
nation. Notes to Editors BNY Mellon Asset Servicing offers clients
worldwide a broad spectrum of specialised asset servicing
capabilities, including custody and fund services, securities
lending, performance and analytics, and execution services. BNY
Mellon Asset Servicing provides services through The Bank of New
York, Mellon Bank, N.A. and other related companies. The Bank of
New York Mellon Corporation is a global financial services company
focused on helping clients manage and move their financial assets,
operating in 37 countries and serving more than 100 markets. The
company is a leading provider of financial services for
institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management, asset
servicing, issuer services and treasury services through a
worldwide client-focused team. It has more than $20 trillion in
assets under custody and administration and more than $1 trillion
in assets under management. Additional information is available at
http://www.bnymellon.com/. DATASOURCE: BNY Mellon Asset Servicing
CONTACT: Louisa Bartoszek of BNY Mellon Asset Servicing,
+44-20-7163-2826, Web site: http://www.bnymellon.com/
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