Mellon Financial Corp. of Pittsburgh is expanding rapidly into the fast-growing China market with plans to set up a fund management venture and apply for investment quotas, both incoming and outgoing, according to Reuters.Mellon established its first offices in China this year and sees its team of four staffers expanding to 40 by the end of next year.

Mellon, which owns the Dreyfus mutual funds, hopes to apply for a Qualified Foreign Institutional Investor license before the end of this year, which would allow it to invest in China’s A-share and bond markets.

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