The Hong Kong division of Bank of New York Mellon (BNY Mellon) is set to introduce a wealth management initiative, joining some US-based banks looking to expand their fee-based investment services.
The bank has planned a two-pronged approach, considering multiple national identities and complicated tax requirements of many existing and potential clients, reports The Financial Times.
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Under this approach, BNY Mellon will cater to those Americans abroad, whose US-based fund managers may not be familiar with the complexities of tax regimes offshore.
It will also meet the needs of those Asians whose lives include multiple jurisdictions.
Regulatory approvals for its local service in Hong Kong has already been secured.
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