The Bank of New York Mellon et Western Securities ont signé un accord visant à établir une joint venture dans la gestion d’actifs en Chine. La société, dont le lancement est prévu en 2008 et dont le siège sera à Shanghai, sera nommée BNY Mellon Western Fund Management.

Dans un premier temps, la société assurera la gestion de titres chinois au sein d’une gamme de fonds locaux destinés aux investisseurs particuliers, puis s’attachera dans un second temps au développement de nouveaux produits bénéficiant de la taille et du savoir-faire du groupe The Bank of New York Mellon. BNY Mellon Western Fund Management a pour objectif de développer la distribution au sein des secteurs bancaires et financiers chinois, en construisant la réputation de la société dans la région.

Récemment, BNY Mellon Asset Management a obtenu un mandat de délégation de gestion pour le fonds QDII de China Southern et BNY Mellon Asset Servicing est aussi devenu le conservateur du fonds à l’étranger.

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The Bank of New York Mellon and Western Securities Agree to Establish Asset Management Joint Venture

Launch of Chinese fund management company to take place in 2008

The Bank of New York Mellon Corporation and Western Securities have signed an agreement to establish a joint venture fund management company in China. The new company, which will be called BNY Mellon Western Fund Management and owned 51% by Western Securities and 49% by The Bank of New York Mellon, will be headquartered in Shanghai and is expected to launch in 2008, subject to regulatory approvals.

The joint venture will initially manage domestic Chinese securities in a range of local retail fund products. Over time it is hoped that the venture will develop further products using the scale and expertise of The Bank of New York Mellon group. BNY Mellon Western Fund Management will aim to leverage distribution within the Chinese banking and securities sectors, building awareness of the new company in the region.

Ronald P. O’Hanley, president and chief executive officer of BNY Mellon Asset Management, said: “Accelerating the already significant growth of The Bank of New York Mellon's business outside of the US is our key strategic priority. China offers our company and our clients huge growth potential and we are delighted to further our presence there with the formation of this joint venture. This is an exciting opportunity for our company in such an important region."

Founded in 2001 with registered capital of RMB 1bn, Western Securities is based in Xi’an and has 34 Securities Branches and 20 Securities Services offices throughout China. It has RMB 14bn in total assets under management.

Dr Liu Jianwu, Chairman of Western Securities, said: “As the Chinese financial environment continues to expand and evolve, so the opportunities to develop international partnerships significantly increase. 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.”

The Bank of New York Mellon recently announced that its asset management unit, BNY Mellon Asset Management, had been appointed to provide sub-advisory services in relation to China Southern’s QDII fund. China Southern’s QDII fund launched at a capped US$4 billion having received US$6.5 billion in subscriptions from Chinese investors. In addition, BNY Mellon Asset Servicing, a global leader in securities servicing, was appointed by the Industrial and Commercial Bank of China Limited (ICBC) as Overseas Custodian for the China Southern QDII fund.

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