BoNY Mellon Asset Management and China Southern Fund Management have raised $4 billion in a qualified domestic institutional investor strategy launched in China last week. The QDII strategy, which allows Chinese investors to place assets in foreign investment strategies, received $8 billion in total subscriptions from Chinese investors, but the companies capped it at $4 billion. BoNY Mellon Asset Management is the sub-advisor for the China Southern QDII strategy. The US banks ithe first non-domestic asset manager to receive approval to advise on such a mandate, and the launch is the largest mutual fund launch in the company's history. China Southern has also appointed BoNY Mellon Asset Servicing as the global custodian to the QDII mandate. Ronald O'Hanley, president and chief executive officer of BoNY Mellon Asset Management, said: "This launch is to date the largest with which we have been involved and we are looking forward to continuing the development of our Chinese business." A selection of BoNY Mellon Asset Management investment subsidiaries are the sub-advisors to China Southern on the mandate, which gives global equity exposure with alpha generated from asset allocation, stock selection, and long only fund selection. China Southern is a domestic Chinese asset management company and was amongst the first Chinese asset management companies to be authorised to develop and market QDII products.