BNY Mellon quick to seek fund launch
By Winny Wang |
July 28, 2010, Wednesday
|
Print Edition
Print Edition
THE BNY Mellon Western Fund Management Co applied to launch its first fund product just days after the company's establishment on July 20, reflecting its eagerness to tap into China's equity market.
"We applied to the securities regulator about setting up an equity fund on July 23 on confidence of a good return of such funds in two to three years," said Hu Bin, chief executive officer of the Shanghai-based venture, yesterday.
Bank of New York Mellon Corp owns a 49 percent stake in the 200 million yuan (US$29.5 million) joint venture and Xi'an-based Western Securities the balance.
The Shanghai-based venture will initially run local retail fund products to manage China's A-share market and diversify its products in the next three years.
"We have very ambitious expansion plans for our new company, which includes becoming one of China's leading QFII advisors through actively pursuing QFII sub-advisory deals with foreign institutional investors and providing access to new products in China," Hu said.
BNY Mellon Asset Management, an arm of BNY Mellon, is seeking approval from the State Administration of Foreign Exchange for an initial investment quota, which will allow it to invest in yuan-denominated treasures and A-share markets on behalf of overseas investors.
"In the first stage, we will raise money from the Japanese market, where BNY has good sales agencies, to invest in China," Hu said.
"We applied to the securities regulator about setting up an equity fund on July 23 on confidence of a good return of such funds in two to three years," said Hu Bin, chief executive officer of the Shanghai-based venture, yesterday.
Bank of New York Mellon Corp owns a 49 percent stake in the 200 million yuan (US$29.5 million) joint venture and Xi'an-based Western Securities the balance.
The Shanghai-based venture will initially run local retail fund products to manage China's A-share market and diversify its products in the next three years.
"We have very ambitious expansion plans for our new company, which includes becoming one of China's leading QFII advisors through actively pursuing QFII sub-advisory deals with foreign institutional investors and providing access to new products in China," Hu said.
BNY Mellon Asset Management, an arm of BNY Mellon, is seeking approval from the State Administration of Foreign Exchange for an initial investment quota, which will allow it to invest in yuan-denominated treasures and A-share markets on behalf of overseas investors.
"In the first stage, we will raise money from the Japanese market, where BNY has good sales agencies, to invest in China," Hu said.
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