BNY Mellon Investment Management has shut down its separately managed account (SMA) business in Asia.
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The business was designed to provide high-net-worth individuals access to SMAs for as small as $1m. However, the SMA business failed to take off with third party distributors, reported AsianInvestor.
The firm said in a statement: "BNY Mellon confirms its recent decision to withdraw from our separately managed accounts business, Spectrum, in Asia. We are actively working with our counterparties to manage this matter.
"We are working closely with our clients to ensure a smooth transition and to identify the best options."
The firm added that the decision to close the Asian SMA unit will not affect the firm’s other asset management, wealth management and investment services offerings in the Asia-Pacific region.
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