Citibank and Schroder Investment Management have announced the launch of a new offering in China, Citibank QDII Product â€“ Schroder International Selection Fund.
The launch sees Citibank become the first bank to offer global mutual funds in China. It is being launched under the Qualified Domestic Institutional Investor scheme.
Anand Selva, executive vice president of Citibank (China) Co., Ltd., said, "It is very pleasing that Citibank is the first bank in China to give our local customers the opportunity to invest in global mutual funds, in partnership with Schroders, one of the worldâ€™s leading mutual funds companies. We place a relentless focus on providing innovative new products and services that meet our customers changing needs, and todayâ€™s launch is an outcome of that commitment."
The Citibank QDII Product â€“ Schroder International Selection Fund is denominated in USD and is available to local residents of China only. It will be available in Shanghai, Beijing, Tianjin, Guangzhou, Shenzhen, Chengdu, and Hangzhou.