Hsieh Fu Hua, chairman of ACR, said he was very pleased with the speed and efficiency with which this transaction was handled.
Bonds, gold and cash are the traditional stores of value, but even their performance has been erratic amid Covid-19
The new team will be led by Louis Poon, who has been appointed as Head of Hong Kong, having newly-joined the firm, and Stephanie Chan, who has also newly joined Allfunds as Head of Client Services, Hong Kong.
Paris-based BNP Paribas Securities Services had US$11.8 trillion of assets under custody and $2.8 trillion of assets under administration as of end-December, with 10,484 funds administered.
The triple hit to the global economy almost guarantees 2020 will be a lost economic year, with policymakers needing to pull out all the stops to address a real, global recession.