CHINA - The Bank of New York Mellon Corporation and Western Securities are to establish a joint venture fund management company in China.
David Jiang, head of asset management in Asia for Bank of New York Mellon Corp, said while the company would initially manage domestic Chinese securities in a range of local retail fund products, over the longer-term it would also look to target target pension funds.
He said the company was starting to see the beginnings of a pensions market with the National Social Security Fund, and that was set to grow.
The company, which will be called BNY Mellon Western Fund Management, is owned 51% by Western Securities and 49% by the Bank of New York Mellon. It is expected to launch in 2008, subject to regulatory approvals.
Dr Liu Jianwu, chairman of Western Securities, said as the Chinese financial environment continued to expand and evolve, the opportunities to develop international partnerships significantly increased.
He said: “We are delighted to join forces with the Bank of New York Mellon, which has considerable experience in the international asset management industry, and believe we will together over time be able to offer tailored asset management solutions to Chinese investors.
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