One of world's leading asset managers opens doors to Chinese investors. 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 Qualified Domestic Institutional Investor (QDII) mandate for Chinese investors. The mandate will be sub-advised on behalf of China Southern Fund Management Company, a domestic Chinese asset management company.
The Qualified Domestic Institutional Investor program allows Chinese investors to access foreign fund management capabilities.
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 Qualified Domestic Institutional Investor products.
The mandate gives global equity exposure with alpha generated from asset allocation, stock selection, and long only fund selection. Roughly 60% is to be invested in developed markets and 40% in emerging markets via investment in exchange-traded funds and active type equity funds, index funds or derivatives including futures/forward.
A leading selection of BNY Mellon Asset Management investment subsidiaries will serve as the sub-advisors for this mandate.
According to BNY Mellon Asset Management, this landmark announcement means that they are the first non-domestic asset managers to receive approval to advice on such a mandate, and is an exciting opportunity for BNY Mellon Asset Management to partner with a local institution in bringing global investment expertise to Chinese investors.
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