The Monetary Authority of Singapore (MAS) has awarded BNY Mellon’s Singapore-based subsidiary a capital markets services license to provide fund management services in the country.

The new license will allow the company’s Singapore subsidiary to conduct a full range of investment management activities, including research, portfolio management, marketing and sales of collective investment schemes.

BNY Mellon Investment Management has been offering global investment solutions to institutional investors in the region through its investment boutiques, each with their own independent investment philosophy and strategy.

Wendy Lim, managing director and regional head of business development and marketing for BNY Mellon Investment Management Asia-Pacific, has assumed the role of CEO for the new Singapore-based company.

However, she will continue to report to Alan Harden, CEO for BNY Mellon’s Asia-Pacific investment management business, and will retain her regional responsibilities, the company said in a statement.

Commenting on the license approval, Harden said: "It is our ambition to become one of the region’s premier investment managers and we believe our significant investments in distribution, client service and investor solutions for both the institutional and wholesale markets expertly position our business to achieve this goal."