BNY Mellon IM in key China play
BNY Mellon Investment Management has received a key approval relating to its China strategy.
The company announced this week it had received approval from the Shanghai Administration for Industry and Commerce representing the final step in the incorporation of an Investment Management Wholly Foreign-Owned Enterprise (IM WFOE) in China.
It said the establishment of an IM WFOE would, over time, enable BNY Mellon Investment Management to manufacture and distribute onshore private funds to Chinese high net worth and institutional investors.
Commenting on the development, BNY Mellon Investment Management, Asia-Pacific head of distribution, Lindsay Wright said that while the company had operated in China since 1994, establishing an IM WFOE would help improve connectivity with existing clients in China.
It represented a first step in looking to establish onshore manufacturing for the company’s investment boutiques and the distribution of domestic funds locally.
“China is a large and diverse market. We increasingly see Chinese investors searching for investment choice and global diversity and our multi-boutique model means we are well positioned to meet their investment needs,” she said.
The IM WFOE has been established in the Shanghai Free Trade Zone and will be wholly owned by BNY Mellon Investment Management Hong Kong Limited.
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