The subsidiary will introduce the accounts platform, which gives account owners the ability to customise their accounts by excluding certain securities or industries, later on this year.
BNY Mellon claims that this will be the first of its kind in Asia, offering an open architecture that provides multi-manager and multi-currency portfolios at an entry-level of less than US$1 million per portfolio.
The new Hong Kong managed accounts subsidiary will be managed by AJ Harper, president and chief executive officer for BNY Mellon.
By participating in our new platform, wealth managers will be able to offer customised investment solutions to their clients, he said.
The accounts business is being specifically designed with Asian investors in mind and will be offered to a select group of private banks and other leading wealth management providers to enable them to serve their high-net-worth individual clients.
In a statement Harper commented that separately-managed accounts would provide individual investors access to investment portfolios which have previously been beyond their reach, and traditionally only available to institutional investors at high minimum thresh-holds.
Steve Lackey, Asia-Pacific Chairman, BNY Mellon added that the company was making significant investments in Asia-Pacific to meet needs of individual and institutional investors in the region.
We believe the growing wealth in the region has created a real need for this type of platform, he said.
