BNY Mellon’s Hong Kong unit has launched a new wealth management initiative under which the bank will lure foreign money using a two-fold strategy.
As part of the two-fold approach, the bank will first serve the US residents living overseas, whose fund managers back home are not well-aware of foreign taxes, reported Bidness Etc.
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Secondly, it will focus on Asian clients with dual nationalities.
The initiative follows difficulties faced by banks stemming from tough regulatory requirements.
Alan Harden, Hong Kong investment manager of BNY Mellon, said that the bank will add a competitive edge because of handling global tax issues.
Harden added that the bank will also get rid of the problems that take place when US banks deal with clients from their headquarters instead of their foreign operations.
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By GlobalDataThe strategy comes at a time when competition is increasing among major global banks in Asia Pacific’s wealth management sector.
