BNY Mellon Western Fund Management is 49% owned by BNY and 51% owned by Western Securities and was granted authorization by the China Securities Regulatory Commission (CSRC) earlier this week.
The Shanghai-based company will initially manage domestic Chinese securities in a range of local retail fund products but it is anticipated over time the venture will develop further products using the expertise of the wider BNY Mellon group. It will use relationships within the Chinese banking and securities sectors to help distribute its products.
Dr. Bin Hu, a former senior executive at BNY Mellon Asset Management, has been appointed chief executive officer of the venture.
Jon Little vice chairman of BNY Mellon Asset Management said: “The Chinese authorities are creating a strong financial market and our commitment to China reflects this, not only in providing a comprehensive suite of solutions from one of the largest global asset managers in the world but also in supporting job creation.
“Receiving license approval from the CSRC for our new venture with Western Securities is a major step forward in the development of our business in this very important country.”
