BNY Mellon Asset Management has won regulatory approval to set up a joint-venture fund management company in China, the first agreement of its kind for a foreign fund manager for the past two years.
The venture with Western Securities, a Xi’an based securities house, gives BNY Mellon a 49 per cent share in newly formed BNY Mellon Western Fund Management with the rest owned by the Chinese company.
The stake allocated to a foreign company is larger than the typical 20-33 per cent deal, said Jon Little, vice-chairman of BNY Mellon Asset Management.
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