BNY Mellon To Double China Staff

Bank of New York Mellon BK, the world's largest custodian bank, plans to double the staff at its BNY Mellon Western Fund Management Co. unit, the company's China venture, after winning approval to do business in the world's biggest country. In July, BNY Mellon became the first fund management company to be granted a business license in two years in China, according to Bloomberg News. The BNY Mellon Wester Fund unit is led by Bin Hu, a former San Francisco hedge fund manager. The venture is seeking a quota from regulators to invest in local-currency stocks, Bloomberg reported. BNY's partner in the venture is China-based Western Securities Co.