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  Home Page > Corporate Banking >Assets Custody Business >Custody Service for Private Equity Investment Fund

Custody Service for Private Equity Investment Fund

 

I. Product Overview
In 2003, ICBC obtained the qualification of providing custody service for industry investment fund under the approval of CBRC, including custody services for industry investment fund, government guidance fund and various private equity investment funds. At the end of 2015, ICBC provided custody service for more than 200 industry investment funds and private equity investment funds, and 28 tier-one (directly affiliated) branches had experience in providing custody service for equity investment fund.

II. Target Customers
Government guidance funds;
Industry investment funds; and
Private equity investment funds.

III. Scope of Services
i.Account opening: open fund account, securities account and other related account for equity investment fund as required by regulatory authorities;
ii.Asset custody: set separate accounts for different equity investment funds under custody, guarantee the consistency between amount, accounts and vouchers, and ensure the integrity and independence of fund assets;
iii.Fund transfer and payment: timely handle the clearing and delivery of fund assets according to the investment instructions of fund managers;
iv.Custody reports: Submit the reports on fund custody service and financial statements to fund investors and regulatory authorities on a regular basis.
v.Record keeping: Keep fund custody records, account books, reports and other related materials for at least 15 years according to national regulations.

IV. Advantages
i.The earliest approved bank. ICBC was one of the earliest banks which paid attention to and conducted research on equity investment funds represented by industry investment fund. And it was also one of the first batch of banks obtaining the qualification of providing custody service for industry investment fund from CBRC.
ii.Risk experience in providing custody service for large-scale industry fund. ICBC has provided custody service for “Mianyang Technology City Industry Investment Fund” and “CSSC Industry Investment Fund”. It is a custodian bank managing the most pilot industry funds approved by the State Council.
iii.Abundant experience in providing custody service for private equity investment fund and a leading position in the market. It manages the most types of funds and custody products. As at the end of 2015, more than 200 equity investment funds were under the custody of ICBC, with the amount exceeding 100 billion yuan. Its managed funds included large-scale industry funds such as CITIC Mianyang Industry Fund and CSSC Industry Fund and various equity investment funds previously managed by well-known domestic agencies such as ICBC Rongtong Equity Fund under ICBC International, ICBC Rongrui Equity Fund, Poyang Lake Capital Shifu Fund, Chengbo Equity Investment Fund, Chunhua (Tianjin) Equity Fund and Goldman Sachs Broad Street Bohua Equity Fund etc. Currently, partnership has been established with well-known foreign private equity fund management companies, such as Goldman Sachs and TPG. 
iv.Standardised operational processes. In 2011, ICBC formulated and released some management measures such as the Guidelines on Custody Service for Equity Investment Fund and Agreement on Custody Service for Equity Investment Fund, to ensure healthy development of such business and provide efficient and standardised services.
v.Intensive domestic custody network. 38 tier-one (directly affiliated) domestic branches and custody divisions have carried out marketing activities on custody service for equity investment fund, in which, 28 have experience in operating such business. High-quality professional staff team and widespread outlets will help fund companies find out quality enterprises for investment and effectively control their operational status.
vi.Efficient and professional system possessing. In July 2011, the fifth-generation custody service system of ICBC was successfully put into operation, marking that ICBC became the first domestic custodian bank which was capable of module-based and standardised processing of custody business. Besides, the upgraded system improved the processing module for equity investment fund custody business. At present, systematic processing has been achieved for such business, thus further enhancing the safety, accuracy and timeliness of custody operation.
vii.International custody network and partners. High-level custody services meeting international standards are provided. Partnership has been established with international banks such as State Street Bank, Bank of New York, HSBC, Paris National Bank, Chase Manhattan Bank and Standard Chartered Bank. By the end of the first half of 2015, ICBC had established 399 branches worldwide and had 1604 correspondent banks, covering major global capital centers in Hong Kong, Indonesia, Singapore, USA, Europe, Japan and Russia. Its subsidiary ICBC International is gradually turning into an international investment bank. By virtue of overall strength of ICBC Group, fund companies can be assisted to provide comprehensive financial services for overseas and domestic listing of invested enterprises.
viii.Abundant customer resources. ICBC can help equity investment fund companies successfully raise funds in a short term by means of its abundant customer resources. At the end of the first half of 2015, the Bank owned more than 5.425 million corporate customers and 480 million personal customers. Favourable partnership is maintained with all kinds of customers. And the Bank’s powerful agency capabilities and affluent wealth management products can satisfy the funding needs of equity fund companies.
ix.Advanced fund remittance and transfer system. Efficient, safe and quick fund remittance and transfer services can be provided to fund companies and they are invested enterprises. ICBC’s domestic system can ensure real-time and efficient fund transfer.
x.Professional investment banking support. The Investment Banking Department of ICBC can provide equity investment fund companies with “lead manager services”, including a package of services from fund design, preparation to operational stage, covering design end establishment scheme, selection of investment manager, investment strategy advisor, financing plan and bank financing support, project recommendation, supporting loans, project management and risk analysis.

V. Contact Information
If you would like to apply for any service, please contact the Entrusted Asset Division II of Asset Custody Department of ICBC:
Contact person(s): Guo Ming, Jia Ruicheng
Tel: (8610)66105773/5739
Fax: (8610)66105761
E-MAIL: ruicheng.jia@icbc.com.cn


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