Bank of New York and Western Securities will be formed a joint venture fund management company
GUANGZHOU (Fund China) - According to the “Liberation Daily” news, Bank of New York will reach an agreement with the Securities Western China, formed a joint venture in China fund management companies.
The new company name for BNY Mellon Western Fund Management, the Western Securities will be holding 51%, Bank of New York holders of the remaining 49%.
Bank of New York said that the new company initially for the Chinese mainland securities business management, but may be after expansion.
The joint venture fund management company based in Shanghai, is expected to be in 2008 set up.
Copyright Fund China 2008.
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