BNY Mellon Investment Management set up a wholly-owned company in Shanghai Free Trade Zone with a registered capital of US$2 million.
As the oldest banking corporation in the United States, BNY Mellon operates in 35 countries and regions worldwide. It opened its China office in Shanghai in 1994 and established a Shanghai branch in 2000.
In 2011, BNY Mellon was approved by the Chinese banking regulator to conduct financial services in the yuan.
By opening a wholly-owned company in Shanghai, BNY Mellon can improve business ties with its clients, said the company's general manager.
By the end of 2016, more than 30 internationally-renowned asset management institutions from seven countries, including the US, Britain, France and Japan, had opened offices in Lujiazui financial district.
World's top 10 asset management firms such as BlackRock, Vanguard, Fidelity, JP Morgan Chase, Allianz Insurance, and Deutsche Bank all have their wholly-owned companies in the free trade zone.
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