BNY Mellon Wealth Management is closing its Hong Kong office, the firm told International Adviser.
A spokesperson confirmed that it was a “small operation with a small number of clients impacted”.
Charles Long, head of international wealth management at BNY Mellon WM, told IA that the decision was made “following a strategic review” of its international wealth businesses.
He said that the firm wants to focus on its “strong international footprint” in the UK, EU, the Middle East and Latin America from its offices in London, Dubai, Miami, New York and the Cayman Islands.
Long added: “Our Asia Pacific wealth management business has primarily serviced the needs of family offices and ultra-high net worth families living in the region.
“The small number of clients impacted will be transitioned to our network of international wealth management offices. There will be no interruption to the quality and care clients are accustomed to receiving.
“We have seen and continue to see the strategic importance of Asia to BNY Mellon Wealth Management and the rest of our firm, and we will continue to develop strategies for our global family office team to serve the region.
“This decision does not impact any of BNY Mellon’s other businesses in Asia Pacific such as investment management and asset servicing who continue to see Asia as an important growth driver.”
This news comes a month after BMO Financial Group agreed to sell its private banking business in Hong Kong and Singapore to J Safra Sarasin Group for an undisclosed sum.
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