Citi Awarded Korean Fund QFII Mandate
Under the mandate, Citi’s Securities and Fund Services will provide Tong Yang Investment Trust Management an array of custody services including asset safekeeping, trade transaction processing, income collection, corporate actions and regulatory reporting. Citi will also provide customized foreign exchange services for the client’s RMB account.
The announcement follows Tong Yang Investment Trust Management’s recent QFII status approval by the China Securities Regulatory Commission (CSRC). By receiving QFII approval, Tong Yang Investment Trust Management can invest in the China A Share market for its client base in Korea.
In servicing Tong Yang Investment Trust Management’s QFII business, Citi continues to act as custodian bank for more QFII funds than any other provider, while further displaying its commitment to this expanding part of the China securities market. Additionally, by securing this important mandate against strong competition, Citi continues to win the most visible QFII mandates from Korea-based investment managers as they look to increasingly capitalize on the Chinese market.
James Young, Director, Head of Alternative Investment Division, Tong Yang Investment Trust Management Co Limited, said: “China is strategically important for us and we have signaled our long-term confidence in this market through our recent QFII approval. Citi’s detailed understanding of our objectives and leadership in providing custodian services to QFII clients in China gives us great confidence in our choice of partner.”
Myung-soon Yoo, GTS Division Head, Citibank Korea said: “Citi is committed to growing our QFII franchise and building on our leading position in China. The appointment by Tong Yang Investment Trust management is another strong example of our institutional clients’ endorsement of our unmatched capabilities in this market.”
Tong Yang Investment Trust Management:
Tong Yang Investment Trust Management Company is the 9th largest fund manager in Korea. It currently holds USD $8.76 billion in assets under management and holds a market share of 3.06% in Korea. The company is part of the Tong Yang Group, which is composed of 19 organizations. The finance sector of Tong Yang Group comprises of 7 subsidiaries; Tong Yang Securities, Tong Yang Investment Trust Management, Tong Yang Life Insurance, Tong Yang Capital, Tong Yang Financial Services, Tong Yang Futures Trading, and Tong Yang Venture Capital that combine to offer total financial services.
Citi:
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
About Global Transaction Services:
Global Transaction Services, a division of Citi‘s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2009, it held on average $314 billion in liability balances and $11.8 trillion in assets under custody.
한국씨티은행 개요
씨티은행은 1967년 최초로 한국에 진출한 이래 45년 동안 선진 금융 서비스를 국내 고객에게 제공해 왔으며, 2008년 글로벌 금융위기 때 8억불을 증자해 국내 외환시장 안정에 기여했고, 1970년대 석유 파동시 2억불 차관 제공으로 한국의 무역수지 개선에 기여한 공로로 수교훈장 ‘숭례장’을, 1997년 외환위기 당시 240억불 대외 부채 상환 연장에 기여한 공로로 수교훈장 ‘흥인장’을 받는 등 한국 경제가 어려움에 처할 때에 곁에서 힘이 돼 준 친구 같은 은행이다.
웹사이트: http://www.citibank.co.kr
연락처
Shin, Hyeon Jeong
Communication Dept.
Citibank Korea Inc.
82-2-3455-2330
