The China Securities Regulatory Commission has authorised BNY Mellon and Western Securities to create a joint venture fund management company in China. The new company, BNY Mellon Western Fund Management Company, will be owned by BNY Mellon (49 per cent) and Western Securities (51 per cent). BNY Mellon Western Fund Management will initially manage domestic Chinese securities in a range of local retail fund products. Over time, the venture will develop further products using the scale and expertise of the broader BNY Mellon group. BNY Mellon Western Fund Management will also focus on leveraging distribution within the Chinese banking and securities sectors, building awareness of the new company in the region.