Landmark Chinese deal raises record amount
LONDON and NEW YORK, Sept. 17 /CNW/ -- BNY Mellon Asset Management, the
asset management group of The Bank of New York Mellon Corporation, has
announced that the Qualified Domestic Institutional Investor (QDII) mandate it
sub-advises on behalf of China Southern Fund Management Co. Ltd has launched
at a capped $4 billion in assets having received $8bn in subscriptions from
BNY Mellon Asset Management is the first non-domestic asset manager to
receive approval to advise on such a mandate, and the launch is the largest
mutual fund launch in the company's history. In addition, China Southern has
appointed BNY Mellon Asset Servicing, the global leader in securities
servicing, as the global custodian to the QDII mandate.
The QDII program enables Chinese investors to access foreign fund
management capabilities. China Southern is a domestic Chinese asset management
company and was amongst the first Chinese asset management companies to be
authorised to develop and market QDII products.
"We are pleased with the success of our first asset management venture in
China," said Ronald P. O'Hanley, president and chief executive officer of BNY
Mellon Asset Management. "This launch is to date the largest with which we
have been involved and we are looking forward to continuing the development of
our Chinese business."
Jon Little, vice chairman of BNY Mellon Asset Management, added: "We
expected strong demand from Chinese investors but this exceeded anything we
had anticipated. It is a fabulous result, with 2007 proving to be another
successful year for us in the Asia-Pacific marketplace."
A leading selection of BNY Mellon Asset Management investment
subsidiaries are the sub-advisors to China Southern on this mandate, which
gives global equity exposure with alpha generated from asset allocation, stock
selection, and long only fund selection.
Notes to Editors
The Bank of New York Mellon Corporation is a global financial services
company focused on helping clients manage and move their financial assets,
operating in 37 countries and serving more than 100 markets. The company is a
leading provider of financial services for institutions, corporations and
high-net-worth individuals, providing superior asset management and wealth
management, asset servicing, issuer services and treasury services through a
worldwide client-focused team. It has more than $20 trillion in assets under
custody and administration and more than $1 trillion in assets under
management. Additional information is available at www.bnymellon.com.
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