SHANGHAI--BNY Mellon is selling its stake in its joint-venture
fund management company in China, a stock-exchange filing showed,
as the wealth management market in the country becomes increasingly
competitive amid a changing regulatory landscape.
Shareholders of BNY Mellon Western Fund Management Co., a joint
venture between BNY Mellon and mid-sized Chinese broker Western
Securities, have approved a share sale agreement that lets BNY
Mellon to sell its 49% stake in the joint venture to Chinese asset
manager Shanghai Leadbank Asset Management Co., Western Securities
said Tuesday in a filing to the Shenzhen Stock Exchange.
The deal is subject to approvals from relevant government
agencies such as the China Securities Regulatory Commission,
Western Securities said.
It didn't disclose the value of the deal. BNY Mellon owns a 49%
in the joint venture which has a registered capital of 300 million
yuan ($48.1 million) and has incurred losses for years, according
to Western Securities" earnings reports.
Write to Amy Li at amy.li@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires