Blame Game Erupts After Investors Bilked of Billions
The alleged embezzlement of billions of yuan by the head of a financial conglomerate who has now vanished has ripped open a can of worms about the role and responsibilities of banks that are entrusted with looking after the assets of private funds — products sold to high-net-worth individuals and institutions by investment companies and mutual funds.
Regulators and legal experts are locked in a heated debate about whether custodian banks — financial institutions that a fund appoints to hold, safeguard, and administer its assets — should take more responsibility and compensate those who own shares, or units, in the fund when money disappears.
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