BNY Mellon wins approval for first QDII mandate

BNY Mellon Asset Management, the asset management arm of The Bank of New York Mellon Corporation, says it has received approval from the China Securities Regulatory Commission (CSRC) to provide sub-advisory services in QDII investments for China Southern Fund Management, ChinaÆs second-largest fund house at present. As of July 2007, it has RMB128 billion ($17 billion) under management and a market share of 7.1%.China Southern has already received a $2 billion quota from the CSRC, but …