Guotai Asset Management hired State Street Corp. as global custodian and trading service provider for the Guotai Nasdaq-100 index fund.
According to a State Street news release, State Street will offer global custody, fund accounting, investment compliance reporting services, foreign exchange and portfolio research and trading solutions to the fund, the first in China to track the performance of an overseas index. China Construction Bank is the local custodian.
The fund is under China's qualified domestic institutional investor program, through which Chinese investors can invest in foreign capital markets. Earlier this year, Guotai Asset Management received a $700 million investment quota under QDII.