The launch is an expansion of BNY Mellon’s Asia-Pacific wealth management presence, which currently offers services to Asian families as well as US citizens.
“Our focus on discretionary investment management, rather than transactional services, is integral to our comprehensive approach and differentiates us in the market,” said Larry Hughes, CEO of BNY Mellon Wealth Management.
Alan Harden, CEO of BNY Mellon Investment Management in Asia-Pacific, added that the bank was “leveraging the trend of unprecedented wealth growth rates in the Asia-Pacific region”.
Asia Pacific is expected to surpass North America as the region with the highest HNWI population by the end of 2014 and the largest amount of private wealth by 2015, according to the Asia Pacific Wealth Report 2014, recently released by Capgemini and RBC Wealth Management.
Year on year, the population of HNWIs in the region in 2013 increased by 17.3% to 4.3 million, while their wealth grew by 18.2% to reach $14.2trn, the report said.
BNY Mellon manages $187bn in private client assets globally.