BNY Mellon is reportedly planning to offload 49% stake in its Chinese joint-venture fund management company to Shanghai Leadbank Asset Management.
As part of the deal, BNY Mellon has proposed a plan to Chinese securities regulator to sell its stake in BNY Mellon Western Fund Management Co, The Wall Street Journal has reported.
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Based in Shanghai and founded in 2010, BNY Mellon Western Fund Management has registration capital of CNY200 million (US$32 million).
The other shareholder in the fund management company includes Chinese brokerage Western Securities based in Shaanxi Province.
The Shanghai-based firm refused to comment on the deal.
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