BNY Mellon Investment Management has taken an important first step to establishing onshore manufacturing and distribution of funds in China.
BNY Mellon Investment Management, (BNY Mellon) announced in a media release it has received approval from Shanghai Administration for Industry and Commerce, the final step in the incorporation of an Investment Management Wholly Foreign-Owned Enterprise (IM WFOE) in China.
The establishment of an IM WFOE will over time enable BNY Mellon to manufacture and distribute onshore private funds to Chinese high net worth and institutional investors.
Distribute Domestic Funds
The directors of the IM WFOE are Lindsay Wright and Doni Shamsuddin, Co-Heads of BNY Mellon Investment Management, Asia Pacific; Greg Brisk, Head of Investment Management Governance, BNY Mellon and Emily Chan, Head of Risk and Compliance BNY Mellon Investment Management Asia Pacific.
BNY Mellon has operated in China since 1994. Establishing an IM WFOE is a first step in looking to establish onshore manufacturing for the firms investment boutiques and will allow the U.S. firm to distribute domestic funds locally.
Shanghai's Financial Hub Status Grows
«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,» said Wright.
The IM WFOE has been established in the Shanghai Free Trade Zone (SFZ) and will be 100 percent wholly owned by BNY Mellon.
Earlier this year mutual fund company Vanguard also opened its doors in the SFZ. Global law firm Hogan Lovells also established a business in the FTZ as have J.P. Morgan Asset Management, Allianz, DBS and the Blackstone group.
