BNY Mellon divests from China JV
30 May 2014
Category: News, Asia, China, Global
By Hui Ching-hoo
BNY Mellon Asset Management has withdrawn from its mainland Chinese joint venture.
The Boston-based asset manager has agreed to sell its entire stake of 49% in BNY Mellon Western Fund Management to Shanghai Leadbank Asset Management for an undisclosed amount, Mainland JV partner Western Securities said in a statement.
Established in 2010, BNY Mellon Western Fund Management currently has a total AUM of around 362 million RMB (US$58.9 million).
BNY Mellon Western Fund Management’s business has struggled in recent years. Its total AUM shrank to 468 million RMB at the end of 2013 from 2 billion RMB a year earlier, while it suffered a loss of 43.38 million RMB last year.
On May 20, the firm’s general manager Chen Zhe resigned from his position. The company has appointed managing director An Baohe to succeed Mr. Zhe.