BNY Mellon has received licence approval from the Securities and Futures Commission (SFC) for its new dedicated Hong Kong-based subsidiary to establish a separately managed accounts business.
According to BNY Mellon, the new subsidiary will introduce a separately managed accounts platform, which will be the first of its kind in Asia, and is expected to be launched later this year.
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The company intends to offer the new platform to a select group of private banks and wealth management providers to enable them to better serve their high-net-worth individual clients.
AJ Harper, president and CEO of the new Hong Kong managed accounts subsidiary for BNY Mellon, said: "What will make our platform so unique to Asia-Pacific is that it will be the first open architecture offering that provides multi-manager and multi-currency portfolios at an entry level of less than US$1 million per portfolio.
"By participating in our new platform, wealth managers will be able to offer customized investment solutions to their clients," Harper added.
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