BNY Mellon entity secures Chinese approval

BNY Mellon entity secures Chinese approval

BNY Mellon Investment Management has announced it has received approval from a Chinese government department as the final step to incorporating an entity in the country.


According to a statement, BNY Mellon has incorporated an Investment Management Wholly Foreign-Owned Enterprise (IM WFOE) in China after receiving approval from the Shanghai Administration for Industry and Commerce.

The IM WFOE has been established in the Shanghai Free Trade Zone and will be 100 per cent wholly owned by BNY Mellon Investment Management Hong Kong, the statement said.

BNY Mellon noted that establishing an IM WFOE will over time enable it to manufacture and distribute onshore private funds to Chinese high net worth and institutional investors.

The directors of the IM WFOE are co-heads of BNY Mellon Investment Management for Asia-Pacific, Lindsay Wright and Doni Shamsuddin, head of risk and compliance for BNY Mellon Investment Management for Asia-Pacific, Emily Chan, and BNY Mellon head of investment management governance, Greg Brisk.

Ms Wright said, “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.

“Establishing an IM WFOE will help improve connectivity with existing clients in China and is a first step in looking to establish onshore manufacturing for our investment boutiques and distribute domestic funds locally.”

Related Articles

 

BNY Mellon entity secures Chinese approval
ID logo
promoted stories

Appointments

Matt Brown

Australian Unity hires former ANZ Wealth exec

Reporter

Deanne Stewart

First State Super announces new CEO

Reporter

Chris Wu

T Rowe Price appoints investment analyst

Reporter

Analysis

investordaily image

Corporate governance and advocacy in China

Therese Niklasson

Dug Higgins

The shifting LIC landscape

Dug Higgins

investordaily image

The perils of chasing niche infrastructure

Frithjof van Zyp