1.Product Overview
WFOE PFM (Wholly Foreign-Owned Enterprise Private Fund Management) refers to foreign-owned private fund management entities established by foreign asset management institutions in China to conduct private securities investment fund management business. Based on the outcomes of the seventh and eighth rounds of the U.S.-China Strategic and Economic Dialogue and the seventh UK-China Economic and Financial Dialogue, with the approval of the China Securities Regulatory Commission (CSRC), from June 2016, wholly foreign-owned and joint venture private securities fund management institutions (hereinafter referred to as "foreign private funds") are allowed to engage in private securities fund management business within China.

2.Target Clients
According to existing private fund regulations, the Industrial and Commercial Bank of China (ICBC) provides custody services for foreign private funds. The primary clients include sovereign wealth funds, pension funds, endowment funds, charity funds, fund of funds (FOFs), insurance companies, banks, securities firms, and other recognized foreign institutional investors established in China and engage in private securities fund investment management.

3.Services Provided
1.Open Accounts: Open capital accounts, securities accounts, and other related accounts for foreign private fund products in accordance with regulatory requirements.
2.Custody Assets: Set up separate accounts for different foreign private fund products under custody, ensuring independent accounting, consistent account statements, and safeguarding the integrity and independence of fund assets.
3.Settle Funds: Process fund property settlement and delivery in a timely manner according to the investment instructions of the fund manager.
4.Supervise Investments: Monitor the compliance of fund managers’ instructions and investment operations according to legal regulations and the requirements of the principal.
5.Provide Accounting Services: Perform fund accounting, review, and audit the net value of fund assets calculated by the fund manager.
6.Report Custody: Submit regular fund custody and financial accounting reports to fund investors and regulatory authorities.
7.Keep Records: Preserve records, accounts, statements, and other related materials of foreign private fund custody business for at least 15 years in accordance with national regulations.

4.Service Advantages
With a self-developed, advanced custody business system, ICBC can effectively meet the tailored needs of foreign private funds in system integration. Additionally, ICBC's strong commercial banking presence in China ensures a fast and reliable settlement network, efficient RMB liquidity and strong A-share settlement capabilities, providing comprehensive and efficient service support for foreign private fund clients.

5.Contact Information
For assistance with related services, please contact the Global Asset Custody Division of the Asset Custody Department at the Industrial and Commercial Bank of China  (ICBC):
Contact Person: Pingchuan Ma
Tel: +86 10 8101 2306
E-MAIL:pingchuan.ma@icbc.com.cn