BNY Mellon Asset Management Announces $4 Billion QDII Launch
September 17 2007 - 12:00PM
PR Newswire (US)
Landmark Chinese deal raises record amount LONDON and NEW YORK,
Sept. 17 /PRNewswire-FirstCall/ -- BNY Mellon Asset Management, the
asset management group of The Bank of New York Mellon Corporation,
has announced that the Qualified Domestic Institutional Investor
(QDII) mandate it sub-advises on behalf of China Southern Fund
Management Co. Ltd has launched at a capped $4 billion in assets
having received $8bn in subscriptions from Chinese investors. BNY
Mellon Asset Management is the first non-domestic asset manager to
receive approval to advise on such a mandate, and the launch is the
largest mutual fund launch in the company's history. In addition,
China Southern has appointed BNY Mellon Asset Servicing, the global
leader in securities servicing, as the global custodian to the QDII
mandate. The QDII program enables Chinese investors to access
foreign fund management capabilities. China Southern is a domestic
Chinese asset management company and was amongst the first Chinese
asset management companies to be authorised to develop and market
QDII products. "We are pleased with the success of our first asset
management venture in China," said Ronald P. O'Hanley, president
and chief executive officer of BNY Mellon Asset Management. "This
launch is to date the largest with which we have been involved and
we are looking forward to continuing the development of our Chinese
business." Jon Little, vice chairman of BNY Mellon Asset
Management, added: "We expected strong demand from Chinese
investors but this exceeded anything we had anticipated. It is a
fabulous result, with 2007 proving to be another successful year
for us in the Asia-Pacific marketplace." A leading selection of BNY
Mellon Asset Management investment subsidiaries are the
sub-advisors to China Southern on this mandate, which gives global
equity exposure with alpha generated from asset allocation, stock
selection, and long only fund selection. Notes to Editors The Bank
of New York Mellon Corporation is a global financial services
company focused on helping clients manage and move their financial
assets, operating in 37 countries and serving more than 100
markets. The company is a leading provider of financial services
for institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management, asset
servicing, issuer services and treasury services through a
worldwide client-focused team. It has more than $20 trillion in
assets under custody and administration and more than $1 trillion
in assets under management. Additional information is available at
http://www.bnymellon.com/. DATASOURCE: The Bank of New York Mellon
Corporation CONTACT: Rebecca Grundy, +44 20 7163 2744, ; Mike Dunn,
+1-212-922-7859, Web site: http://www.bnymellon.com/
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