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I. Product Overview
Custody services for banking wealth management products refer to that ICBC, entrusted by banks, wealth management companies and other banking financial institutions, keeps safe wealth management products and provides other financial asset services including asset custody, account opening, capital clearing, accounting and valuation, investment supervision, information disclosure, and records keeping.
ICBC, in cooperation with a number of domestic and overseas banks and wealth management companies in custody for wealth management products, renders custody services for such wealth management products as mutual/private wealth management, fixed income/equity/commodity and financial derivatives/hybrid, open-ended/closed products. The types of investment assets include deposits, bonds, stocks, foreign exchange, equity, alternative assets. Having accumulated rich experience in custody services for wealth management products of banks, ICBC is able to carry out comprehensive business cooperation with other banks and wealth management companies in all sorts of wealth management business, with its great technological power of custody.
ICBC introduced ESCROW to meet regulatory rule that “to issue wealth management products, commercial banks should entrust financial institutions with custody qualifications for securities investment fund, banking wealth management registration and custody institutions, or other institutions recognized by the banking regulator under the State Council”. It is not only required by the regulator, but also good for increasing the operational efficiency of wealth management products and reducing operating costs, and improving the governance structure of wealth management and investment.
II. Target Customers
Target Customers include state-owned commercial banks, joint-stock banks, urban commercial banks, policy banks, rural institutions, foreign banks and wealth management companies that issue and manage wealth management products.
III. Scope of Services
1.Assets custody
Safekeep wealth management products.
2.Account opening
Open an independent custody account for wealth management product, and the assets in different custody accounts should be independent of each other.
3.Capital clearing
Handle clearing and settlement in a timely manner in accordance with custodian agreement and investment instructions of wealth management product issuer.
4.Accounting and asset valuation
Establish a reconciliation mechanism with wealth management product issuers, review data on fund positions, asset accounts, net asset value, subscription and redemption prices of wealth management products, and verify in a timely manner the payment and receipt of subscription, redemption and investment funds.
5.Investment supervision
Supervise the investment operation of wealth management products, refuse to perform the investment of products found to be in violation of laws, administrative rules, and regulations and rules or contractual agreements, and promptly notify the issuer of the products and report to the banking regulatory authorities.
6.Information disclosure
Conduct information disclosure related to custody business activities for wealth management products.
7.Record keeping
Keep intact records, account books, reports and other related materials in connection with wealth management business for 15 years above.
IV. Product Advantages
1.ICBC has always been committed to the brand building of custodian services. The brand influence and market reputation of “ICBC Custody Service” are improving gradually.
2.ICBC has rich experience in custody of wealth management products, and has the ability to provide custody services for various types of wealth management products, and can cooperate with wealth management issuers in product innovation to upgrade its services.
3.ICBC, on the strength of its powerful custody service system, can open independent custody accounts flexibly based on the features of wealth management products, and set different investment supervision indicators, to provide all-directional, specialized and efficient custody services for wealth management products.
4.All tier-one (or directly-managed) branches of ICBC have introduced the asset custody service, thus being able to provide localized custody services of wealth management products for banking institutions.
V. Business Guide
1.Get in touch: Banking financial institutions in need of custody services for wealth management products may contact the Asset Custody Department of ICBC Head Office or local ICBC branch.
2.Signing of contract: ICBC, through communication, designs custody plan and enters into custody contract based on the requirements of wealth management products.
3.Opening of account: Upon entrustment, ICBC opens wealth management product custody account based on the issuing and management features of wealth management products.
4.Custody operation: According to custody contract, ICBC provides services for wealth management products including asset safekeeping, account opening, capital clearing, accounting and asset valuation, supervise the investment operation of wealth management funds and offers custody data and information reports regularly.
VI. Contact Information
If you would like to apply for any service, please contact your local branch or the Entrusted Asset Division II of Asset Custody Department of ICBC:
Contact: Lu Jingxin
Tel.: (8610) 66105690
E-MAIL: jingxin.lu@icbc.com.cn
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