BNY Mellon and Western Securities Celebrate the Launch of BNY Mellon Western Fund Management Company

LONDON, NEW YORK and SHANGHAI, Nov. 15, 2010 /PRNewswire-FirstCall/ -- BNY Mellon and Western Securities today officially celebrated the launch of their new joint venture, BNY Mellon Western Fund Management Company, at an opening ceremony in the Shanghai World Financial Center.  The ceremony was led by BNY Mellon chief executive officer and chairman, Mr. Robert P. Kelly, and Western Securities chairman, Mr. Jianwu Liu, alongside BNY Mellon Western FMC's chief executive officer, Dr. Bin Hu, and Chairman, Mr. Baohe An.

The joint venture was authorized by the China Securities Regulatory Commission (CSRC) in July 2010 and is 51% owned by Western Securities, 49% by BNY Mellon. Led by Dr. Bin Hu, BNY Mellon Western FMC will initially manage domestic Chinese securities in a range of local retail fund products and focus on leveraging distribution within the Chinese banking and securities sectors, building awareness of the new company in the region.

Curtis Arledge, vice chairman of BNY Mellon and chief executive officer of BNY Mellon Asset Management, said: "Today is a celebration of a major milestone in our history in China. BNY Mellon Western FMC will combine world class asset management expertise with a deep knowledge of the investment needs and preferences of investors in China.  This is an exciting time in the economic development of China and we hope to quickly become a leader in offering innovative, high quality, locally-focused investment products for Chinese investors."

Western Securities' chairman, Mr. Jianwu Liu, said: "We are extremely pleased to join forces with BNY Mellon, one of the world's strongest financial institutions and are confident BNY Mellon Western FMC will quickly become the first choice for investors by offering a broad range of financial products and services, as well as the best market intelligence to help Chinese institutions seize new opportunities and manage risk in the global markets."

Dr. Hu added: "We have very ambitious expansion plans for our new company, which include becoming one of China's leading QFII advisors through actively pursuing QFII sub-advisory deals with foreign institutional investors and providing access to new products in China."

Founded in 2001 with registered capital of RMB 1bn, Western Securities is based in Xi'an and has 56 Securities Branches throughout China.

BNY Mellon Asset Management is the umbrella organisation for BNY Mellon's affiliated investment management firms and global distribution companies. Founded in 1784, BNY Mellon is listed on the New York Stock Exchange and has a market capitalization of US$32.4 billion (30 September 2010) making it the sixth largest bank by market capitalization in the United States. The company is also one of the strongest financial institutions globally, with the highest debt ratings of all major U.S. banks as ranked by both Moody's and S&P.

BNY Mellon Western FMC does not offer advisory services in the United States.

Notes to editors:

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $24.4 trillion in assets under custody and administration and $1.14 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com.

SOURCE BNY Mellon

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