The Bank of New York Mellon has entered into an agreement with Western Securities of China to establish an asset management joint venture, of which BNY Mellon will own 49%.

Initially, the firm, which will be called BNY Mellon Western Fund Management and headquartered in Shanghai, will invest in domestic stocks but then diversify into international holdings.

“Accelerating the already significant growth of The Bank of New York Mellon’s business outside of the U.S. is our key strategic priority,” said BNY Mellon Asset Management President Ronald O’Hanley. “China offers our company and our clients huge growth potential, and we are delighted to further our presence there with the formation of this joint venture. This is an exciting opportunity for our company in such an important region.”

Western Securities Chairman Liu Jianwu added: “As the Chinese financial environment continues to expand and evolve, the opportunities to develop international partnerships significantly increase. We are delighted to join forces with The Bank of New York Mellon, which has considerable experience in the international asset management industry.”

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