Citi Group receives domestic fund custody licence from Chinese regulator

Topics Citi | China

HONG KONG (Reuters) - A Citigroup China unit has received a domestic fund custody licence from the China Securities Regulatory Commission, the bank said on Wednesday, the latest foreign financial firm to expand its presence in mainland China. Citi is the first U.S. bank to receive such a licence, which will allow it to hold securities for safekeeping on behalf of mutual funds and private funds domiciled in China, once it has passed an onsite inspection.

Despite Sino-U.S. political tensions, several U.S. asset managers are expanding.....

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