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.”