View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
  2. Company news
July 7, 2017updated 10 Jul 2017 4:20am

BNY Mellon secures nod to launch wholly-owned unit in China

BNY Mellon Investment Management has secured the go-ahead from the Shanghai Administration to set up Investment Management Wholly Foreign-Owned Enterprise (IM WFOE) in China.

The new unit, located in the Shanghai Free Trade Zone, would be wholly owned by BNY Mellon Investment Management Hong Kong.

It will facilitate manufacture and distribution of onshore private funds to Chinese high net worth as well as institutional investors, the firm said.

The firm’s Asia-Pacific co-heads Lindsay Wright and Doni Shamsuddin, risk and compliance head for Asia-Pacific Emily Chan, and investment management governance head Greg Brisk will serve as the directors of the new unit.

“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,” Wright noted.

Topics in this article: ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International