OREANDA-NEWS. December 29, 2014. The Luxembourg regulator CSSF has approved the ICBC Private Banking Global Investment Fund Series SICAV-SIF, which is the first Chinese bank utilized a global recognized investment fund platform for private placement products, ear-marked a new era for overseas private wealth management development by Chinese banking industry.

By the end of 2014, ICBC overseas private wealth management locations will cover 4 hubs, 6 strategic countries / territories and 10 neighboring countries around the hubs.  The General Manager of ICBC Private Banking Mr. Ma Jian said, “The ICBC Private Banking Global Investment Fund Series SICAV-SIF aims at enhancing our global private wealth management product capability within our line of business.  The private wealth management departments in all oversea offices can now ride on this world recognized investment fund platform to organize and develop competitive products and make available around the globe.”

Mr. Ma further commented, “It is our core competency in managing RMB denominated assets.  Through this investment fund platform, we will be offering second-to-none RMB denominated underlying assets to meet the growing demand as a result of RMB globalization.  On the other hand, we are opening opportunities for global players to work as our strategic partners for non-RMB investment in order to provide ultra-HNW individuals with truly global diversification solutions.”