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I. Product Overview
Operation outsourcing services for asset management products (referred to as “operation outsourcing services”) mean that ICBC, as an outsourcing service provider, accepts the entrustment from institutions such as fund management companies, insurance companies, trust companies, securities companies and commercial banks, to provide back-office operation outsourcing services for asset management products, including accounting, asset valuation, registration and information disclosure.
Currently, outsourcing of global asset management business has been a mainstream, a practice generally adopted in the international capital market, and also an important area for financial innovation as encouraged in the new fund laws of China. The promotion of operation outsourcing services will help improve the efficiency of capital market. By transferring some operational functions to outsourcing service provider, asset management institutions can reduce repetitive construction, achieve intensive operation, focus on investment research, and input limited resources in the enhancement of core competitiveness, thus further improving investment management. In the meantime, commercial banks, by providing operation outsourcing services, can integrate custody, settlement and account management services, provide a platform for product innovation in the asset management industry, and generate more income for investors.
II. Target Customers
1.Fund management companies
2.Insurance companies
3.Trust investment companies
4.Securities companies
5.Futures companies
6.Commercial banks and their wealth management subsidiaries
7.WFOE/QDLP
8.Private fund companies
9.Trustees of enterprise annuities
10.Financial asset investment companies
11.Other institutions approved by regulatory authorities
III. Scope of Services
1.Accounting: Collate the accounting information about fund investment and operation of asset management products, accurately record the changes in assets, and timely provide financial information and accounting statements to managers.
2.Asset valuation: Valuate assets and liabilities of asset management products as per fair value, to determine the net asset value and net unit share value of the products.
3.Information disclosure: Provide financial data concerning regular and irregular reports to managers, and assist them to prepare and submit such reports.
4.Registration (TA): Provide services including account management, share registration, clearing, transaction processing, dividend payment for investors of asset management products, as well as establishment and safekeeping of product holder register.
5.Other services: Performance evaluation, stress testing and other personalized requests from customers.
IV. Product Advantages
1.Professional team: As the largest custodian bank in China, ICBC has maintained its first position in the market in terms of market share of asset custody business, training a group of influential professionals for accounting and asset valuation in the sector. The Bank has established a professional team for outsourcing service, which, independent of the asset custody team, specially undertakes operation outsourcing services for asset management products, with an aim to provide customers with professional and efficient outsourcing services.
2.The earliest to provide operation outsourcing services: In September 2012, ICBC, under the guidance of the CSRC, became the first to set up a specialized team to provide operation outsourcing services, two full years ahead of other institutions in the market.
3.Extensive experience: In operation outsourcing services, ICBC targets such customers as fund management companies and their subsidiaries, securities companies, insurance companies, trust companies, private fund companies, commercial banks and their wealth management subsidiaries, enterprise annuity trustees, WFOEs, QDLPs, and other asset management institutions, thus accumulating rich experience in such services for different institutions.
4.Complete organization: ICBC has built a two-tier service system. In addition to setting up a dedicated team at the Head Office to provide operation outsourcing services, the Bank also authorizes key branches in Beijing, Shanghai, Guangzhou and Zhejiang to carry out outsourcing operations, which facilitates the provision of localized high-quality services to customers.
5.Optimal system: The two core systems of asset valuation and accounting and registration on which ICBC’s operation outsourcing service is based are all independently developed, so that the security of the system and the speed of response to customers’ demands can be guaranteed.
6.Comprehensive Services: With a strong customer base, powerful channels and sales advantages, as well as leading advantages in proprietary and agency funds, ICBC can provide customers with integrated asset services of custody + outsourcing + value added at the same time.
V. Business Guide
1.Business contact: Customers demanding for operation outsourcing services for asset management products may contact the Asset Custody Department of the Head Office or local branches of ICBC.
2.Signing of agreement: An appropriate outsourcing program will be designed according to the features and requirements of customer’s products, with the signing of an outsourcing agreement.
3.Outsourcing operation: Outsourcing services will be provided for customers according to outsourcing agreement, including accounting, asset valuation, information disclosure and registration.
VI. Contact Information
If you would like to apply for any service, please contact the Outsourcing Center of Asset Custody Department under the Head Office or local branches of ICBC:
Contact: Deng Lei, Yang Jin, Tao Xiaoxuan, Ling Yesong, Ying Haoxin, Zhang Hao and Qin Lifang
Tel.: (8610) 66105751/4925; 81013415/3685; 66104616; 81013456/3674
Fax: (8610) 81013684
E-MAIL: lei.deng@icbc.com.cn
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