Citi has been appointed by BEA Union Investment Management Limited as fund custodian and administrator for its first mutual fund restructure, converting five funds into an open-ended fund company (OFC). Citi has been providing custody and fund services, including fund accounting, transfer agency and FX share class hedging, to BEA Union Investment since 2013.
Eleanor Wan, CEO of BEA Union Investment, said: “We are undertaking our first ever fund structure conversion from unit trusts to an OFC as we are committed to ensuring that our investment vehicles are structured in the most efficient manner and well positioned for market development. It is also a move to support the government’s initiative to facilitate Hong Kong as an asset management hub. Citi as a custodian has unparalleled experience in this field and is therefore a natural partner.”