BNY Mellon Investment Management has received approval from the Shanghai Administration for Industry and Commerce, the final step in the incorporation of an Investment Management Wholly Foreign-Owned Enterprise (IM WFOE) in China.

The establishment of an IM WFOE will enable BNY Mellon Investment Management to manufacture and distribute onshore private funds to Chinese high net worth and institutional investors.

“BNY Mellon has operated in China since 1994. Establishing an IM WFOE will help improve connectivity with existing clients in China and is a first step in looking to establish onshore manufacturing for our investment boutiques and distribute domestic funds locally,” comments Lindsay Wright, head of distribution and co-head of BNY Mellon Investment Management, Asia Pacific.

“China is a large and diverse market. We increasingly see Chinese investors searching for investment choice and global diversity and our multi-boutique model means we are well positioned to meet their investment needs.”

The IM WFOE has been established in the Shanghai Free Trade Zone and will be 100% wholly owned by BNY Mellon Investment Management Hong Kong Limited.

The directors of the IM WFOE are Lindsay Wright and Doni Shamsuddin, co-heads of BNY Mellon Investment Management, Asia-Pacific; Greg Brisk, head of investment management governance; and Emily Chan, head of risk and compliance, Asia-Pacific.