Bank of New York Mellon is expecting the China Securities Regulatory Commission to approve a mutual fund joint venture it wants to launch in the third quarter in partnership with Western Securities.

The organization would be named BNY Mellon Western Fund Management Co., with the U.S. firm having a 49% stake. Bin Hu has been tapped as chief executive officer of the new organization, which will have an initial staff of 50 and be headquartered in Shanghai.

Of the 61 mutual fund companies in China at present, 33 are joint ventures with a foreign firm.

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