BNY Mellon said set to sell China JV to Leadbank
The US bank is reportedly in talks with the Chinese wealth management company to sell its equity holdings in the Shanghai-based BNY Mellon Western Fund Management.
US financial services firm BNY Mellon Corporation is set to sell out of its China joint venture to Shanghai-based wealth management firm Leadbank, Chinese media report.
The deal to exit BNY Mellon Western Fund Management is expected to be finalised very soon, the Chinese-language Securities Times reports. Rumours circulated after the JV’s general manager, Chen Zhe, quit the firm on May 20.
The exit, if confirmed, shows how the strategic value of mutual fund licences has diminish…
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