HONG KONG--(BUSINESS WIRE)--
State Street Corporation, one of the world’s leading providers of
financial services to institutional investors, announced today that it
has been appointed as global custodian and trading service provider to
the Guotai Nasdaq-100 Index Fund, the first fund in China to track the
performance of an overseas index.
State Street will offer a range of integrated investment servicing
solutions to the fund, including global custody, fund accounting,
investment compliance reporting services, foreign exchange and portfolio
research and trading solutions. The fund is managed by Guotai Asset
Management Co. Ltd.China Construction Bank will act as local custodian.
“This opportunity is historic for Chinese investors to invest in
Nasdaq-listed companies, and we are honored to be involved,” said Ms.
Sau Kwan, managing director and senior vice president of State Street in
Hong Kong. “State Street’s global approach to investment
servicing, research and trading, and vast experience with index-linked
products makes us uniquely suited to service China’s growing funds
market.”
Ms. Shelley Yang, managing director of the International Business
Department and head of overseas business marketing at Guotai Asset
Management said, “This fund will offer new opportunities for Chinese
investors, and we can think of no better partners than State Street and
China Construction Bank. State Street was the clear choice for this role
as we were seeking a firm with a truly global service platform, offering
innovative and quality solutions.”
The Guotai NASDAQ-100 Index opened for subscription on March 22,
becoming the first index-linked financial product to offer Chinese
investors access to stocks listed on an overseas exchange. Investments
will be conducted through the Qualified Domestic Institutional Investor
(QDII) program, through which Chinese investors can invest in foreign
capital markets.
Guotai Asset Management received a $700 million investment quota under
QDII earlier this year. The Guotai NASDAQ-100 Index gives Chinese
investors access to component stocks of the NASDAQ-100, to an exchange
traded fund of that index, and to money market instruments and other
approved financial instruments.
The NASDAQ-100 comprises the many of the world’s largest non-financial
stocks. Guotai Asset Management has an exclusive licensing agreement
with NASDAQ-OMX Group to use the NASDAQ-100 Index in development of
financial products in China.
State Street Corporation has been actively involved in China’s financial
landscape since 1997, working with many of its leading financial
institutions including China Construction Bank for which it acts as a
global partner serving the QDII sector. In 2005 it established its first
presence on mainland China when it opened a representative office in
Beijing.
About State Street
State Street Corporation (NYSE: STT) is one of the world's leading
providers of financial services to institutional investors including
investment servicing, investment management and investment research and
trading. With $19 trillion in assets under custody and administration
and $1.9 trillion in assets under management at March 31, 2010, State
Street operates in 25 countries and more than 100 geographic markets
worldwide. For more information, visit State Street’s website at www.statestreet.com.
Source: State Street Corporation
Contact:
State Street Corporation
John Larkin, + 852 2 840 5355
or
Carolyn
Cichon, 617-664-8672