nk of New York Mellon (NYSE:BK) announced Wednesday that the China Securities Regulatory Commission authorized BNY and Western Securities to establish a fund management joint venture in China.
According to details of the report, the new venture will be 49% owned by BNY Mellon, while the 51% majority will be owned by Western Holding.
The company will be based out of Shanghai and will initially manage domestic Chinese securities in a range of local retail fund products.
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