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., a domestic Chinese asset management company.
The Qualified Domestic Institutional Investor (QDII) program allows Chinese investors to access foreign fund management capabilities.
“This 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,” says Jon Little, vice-chairman of BNY Mellon Asset Management.
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.