BNY Mellon Wealth Management has received regulatory approval in Hong Kong to launch discretionary investment and wealth management services to high net worth individual investors.
BNY Mellon Wealth Management will bring a wide range of solutions-based services including strategic asset allocation, access to investment management services provided by the corporation's multi-boutique structure, and active, personalised client discretionary portfolio management.
BNY Mellon is one of the largest wealth managers in the world with more than USD187 billion in private client assets, as of 30 September 2014.
The launch signifies a marked expansion of BNY Mellon's Asia-Pacific wealth management presence serving Asian families as well as US citizens.
"Our expansion provides greater access to comprehensive wealth and investment planning services to the high-net worth market," says Larry Hughes, chief executive officer of BNY Mellon Wealth Management. "With the broad and deep capabilities of one of the world's leading investments companies, BNY Mellon offers holistic, solutions-based wealth management. Our focus on discretionary investment management, rather than transactional services, is integral to our comprehensive approach and differentiates us in the market."
"We continue to make significant investments in both our core businesses of investment management and investment services in Asia-Pacific," says Alan Harden, CEO of BNY Mellon Investment Management in Asia-Pacific. "Expanding on-the-ground wealth management services is a prime example of this long term commitment to the region. The Bank of New York Mellon is leveraging the trend of unprecedented wealth growth rates in the Asia-Pacific region by drawing from our broad global expertise to deliver wealth and investment planning solutions locally."