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Bank of New York Mellon JV fund firm to open in Shanghai

By Yang Zhen (chinadaily.com.cn)
Updated: 2009-02-24 19:13

BNY Mellon Western Fund Management, a joint venture fund firm between Bank of New York Mellon and China's Western Securities, is expected to begin operations some time of 2009, a top fund official said today.

The firm currently is looking for an ideal location for its new headquarters in Shanghai, said Hu Bin, who is expected to become the CEO of the fund firm.

According to Hu, the joint venture fund has to open an office and hire sufficient staff before it can be evaluated by China's security regulator and receive a license.

Once its license is approved, the company will be the 33rd joint venture fund firm in China.

Western Securities, based in Xi'an in northwestern China, is expected to hold a 51 percent stake in the firm, while Bank of New York will own the remainder.

According to regulations in China, foreign investor's stake in a joint venture fund firm cannot exceed 49 percent.

Bank of New York Mellon Corporation is a leading global asset manager with close to $1 trillion in assets under management, and leading global provider of securities servicing with about $20 trillion in assets under custody and administration.