BNY Mellon Asset Management Announces Landmark Deal In China
September 03 2007 - 7:19AM
PR Newswire (US)
One of world's leading asset managers opens doors to Chinese
investors LONDON, Sept. 3 /PRNewswire/ -- BNY Mellon Asset
Management, the asset management arm of The Bank of New York Mellon
Corporation, has received approval from the China Securities
Regulatory Commission (CSRC) to provide sub-advisory services in
relation to a QDII mandate for Chinese investors. The mandate will
be sub-advised on behalf of China Southern Fund Management Co.Ltd,
a domestic Chinese asset management company. The Qualified Domestic
Institutional Investor (QDII) program allows Chinese investors to
access foreign fund management capabilities. Founded in 1998, China
Southern was the first regulated fund management company in China,
and was amongst the first Chinese asset management companies to be
authorised to develop and market QDII products. The mandate gives
global equity exposure with alpha generated from asset allocation,
stock selection, and long only fund selection. Roughly 60% is to be
invested in developed markets and 40% in emerging markets via
investment in exchange-traded funds and active type equity funds,
index funds or derivatives including futures/forward. A leading
selection of BNY Mellon Asset Management investment subsidiaries
will serve as the sub-advisors for this mandate. Commenting on the
approval Jon Little, vice-chairman of BNY Mellon Asset Management,
said: "This landmark announcement means that we are the first non-
domestic asset managers to receive approval to advise on such a
mandate, and is an exciting opportunity for us to partner with a
local institution in bringing global investment expertise to
Chinese investors." 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/. All information source Mellon Global
Investments as at 30 June 2007 unless otherwise stated. This press
release is issued by Mellon Global Investments Limited to members
of the financial press and media and the information contained
herein should not be construed as investment advice. Past
Performance is not a guide to future performance. Registered
office: Mellon Financial Centre, 160 Queen Victoria Street, London,
EC4V 4LA. Registered in England no. 1371973. Authorised and
regulated by the Financial Services Authority SMA Bank of New York
Mellon Company. DATASOURCE: The Bank of New York Mellon Corporation
CONTACT: Rebecca Grundy of The Bank of New York Mellon Corporation,
+44 20 7163 2744, Web site: http://www.bnymellon.com/
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