The firm has had a presence in China since 1994.

BNY Mellon Investment Management has been given approval from Shanghai Administration for Industry and Commerce to establish an Investment Management Wholly Foreign-Owned Enterprise in China.

The establishment of an IM WFOE will enable BNY Mellon IM to manufacture and distribute onshore private funds to Chinese high net worth and institutional investors, the firm said in a statement.

The IM WFOE will be established in the Shanghai free trade zone, and will be 100 per cent owned by BNY Mellon IM Hong Kong. 

The directors of IM WFOE are Lindsay Wright and Doni Shamsuddin, co-heads of BNY Mellon IM Asia-Pacific; Greg Brisk, head of investment management governance; and Emily Chan, head of risk and compliance APAC.

“Establishing an IM WFOE will help improve connectivity with existing clients in China and is a first step in looking to establish onshore manufacturing for our investment boutiques and distribute domestic funds locally,” said Wright. “China is a large and diverse market. We increasingly see Chinese investors searching for investment choice and global diversity and our multi-boutique model means we are well positioned to meet their investment needs.”