Two more to join ranks of Chinese fund managers

Two more fund management companies have finally cleared the procedures they need to gain approval from the China Securities Regulatory Commission, following assessment meetings. BNY Mellon Western Fund Management and Zheshang Fund Management may receive the official green light to start operations as early as June. However, the possibility of additional approvals for more fund management companies (FMCs) this year is "somewhat remote", says Shanghai-based consultancy Z-Ben Advisors. S…