BNY Mellon’s impending exit from its Chinese asset management joint venture after seven years marks another Sino-western marriage failure within the financial services sector.
At a deeper level, it may also signal foreign managers’ increasing frustration with China’s tough-to-take mutual fund market. The dearth of distribution channels and thin profit margins appear to be taking their toll on investment companies.
As a result, investment managers are instead looking to the wealth management market, where the brave are breaking new ground in search of market share by selling sophisticated, risk-adjusted products.
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