StanChart snaps up first custody services license

Standard Chartered became the first foreign bank to receive a domestic fund custody license in China on Monday, a milestone that allows the British bank to capitalize on the growing trend of Western funds investing in China's stock and bond markets.

The license allows Standard Chartered to hold and safeguard China-based assets owned by its customers, in return for a fee.

Standard Chartered's China custodian service comes at a time when many British asset management companies are growing their China investments, including Fidelity, Man Group, and Aberdeen Standard Investments.