• SHANGHAI China International Fund Management hired BNY Mellon Asset Servicing as the overseas custodian for its qualified domestic institutional investor fund, confirmed BNY Mellon spokesman Ivan Royle. BNY Mellon will be China Internationals first custodian for the CIFM Asia Pacific Advantage Fund.
• SHANGHAI Industrial and Commercial Bank of China hired Franklin Templeton Investments to run its $475 million Oriental Pearl III-Prosperity Fund, a fund of funds that invests in global equity and fixed income, confirmed Franklin spokeswoman Stacey Johnston. The fund is offered through the banks qualified domestic institutional investor program.
Franklin will invest 40% to 80% of assets in its Templeton Asian Growth Fund and the Templeton BRIC Fund. The remainder will be invested in the Templeton Global Return Fund, which invests in fixed-rate and floating-rate debt securities and obligations. Franklin managers will target an exposure of 60% equities and 40% bonds, she said.