HSBC says it has become the first custodian bank in China to service a Renminbi Qualified Foreign Institutional Investor (RQFII) based in Canada. HSBC is providing local custodian services to CI Investments, which has secured regulatory approval to become the first Canadian investor in China under the RQFII programme, which is designed to open up China’s onshore securities markets to overseas investors using renminbi (RMB).

HSBC says this significant development marks the first institutional investor in the Americas region to access China through the RQFII programme. The bank adds that it is already working with clients in Canada to connect them with China through the Qualified Foreign Institutional Investor (QFII) programme, which enables investment through foreign currencies converted to RMB.

Sophia Chung, Head of Securities Services, China, HSBC, said: “Canada is a key RMB hub and we are delighted to now be working with CI Investments as the first RMB Qualified Institutional Investor in this region. This marks a significant step for RMB internationalisation in the Americas and the progressive role that HSBC’s plays in this.”

Eric Bushell, Senior Vice-President, CI Investments, said: “In China, we see long-term economic growth and attractive investment opportunities for our investors. The experience, capabilities and support of the HSBC team have been key to connecting us with the evolving opportunities that China presents.”

In a variant of the same theme, HSBC Institutional Trust Services (Ireland)  is to act as custodian to the Arisaig Global Emerging Markets Consumer UCITS fund. This sub-fund of Arisaig Funds plc was approved by the Central Bank of Ireland earlier this week to invest directly in China A-shares via the Shanghai-Hong Kong Stock Connect programme. The investment manager is Arisaig Partners (Asia) Pte Ltd, a Singapore-based firm.

Ciara Houlihan, Managing Director, HSBC Institutional Trust Services (Ireland) Limited, said he understands that this is the first Irish UCITS fund to be authorised to invest via Stock Connect.

CACEIS has been appointed by the Advenis Investment Managers management company (the entity previously known as Avenir Finance Investment Managers) to provide account-keeping/custody and depositary services for its entire fund range. 

Northern Trust has won a mandate from Muscat Capital, the Saudi Arabia-based investment banking arm of Bank Muscat, the largest commercial bank in Oman. 

Mutuelle du Personnel IBM (IBM’s staff health insurance scheme) has asked CACEIS to meet its requirements for look-through reporting, data enrichment and calculation of the gross market SCR (solvency capital requirement) for portfolios already held under custody in light of the Solvency II reform, in effect from January 1 2016. 

JP Morgan Investor Services has been appointed as custodian of West Australia-based WA Super's investment portfolio.

BNY Mellon has been appointed as account bank for the Activate Capital lending platform (Activate Capital). 

A US subsidiary of Fiera Capital Corporation (Fiera Capital) has been retained by SEI, a global provider of investment processing, investment management, and investment operations solutions, to act as a sub-adviser for the newly created international equity collective investment trust (CIT) implemented through SEI Trust Company subsidiary.