BNY Mellon gets Capital Markets Services License for Singapore
13 November 2013
Category: News, Asia, Singapore
By Asia Asset Management
BNY Mellon has been awarded a Capital Markets Services License by the Monetary Authority of Singapore (MAS) for its new, dedicated Singapore-based subsidiary to provide fund management services in the Lion City. The license was approved on November 11.
With the license, the Singapore subsidiary, BNY Mellon Investment Management Singapore, will be able to conduct a full range of investment management activities, including research, portfolio management, marketing and sales of collective investment schemes. The new license should help the company expand its existing institutional business in Singapore and strengthen its presence in Southeast Asia. It will also allow the company to start building local manufacturing capabilities.
Wendy Lim, managing director and regional head of business development and marketing for BNY Mellon Investment Management Asia-Pacific, assumes the role of CEO for the new Singapore-based company. She will continue to report to Alan Harden, CEO for BNY Mellon’s Asia-Pacific investment management business, and will retain her regional responsibilities.
“In Asia-Pacific, we have a growing business with currently more than US$94 billion in assets under management,” said Mr. Harden. “We are investing strongly in our local capabilities and continue to seek high calibre managers, who share our passion for excellence, thrive in an entrepreneurial and innovative environment, and are keen to join a company with serious growth ambitions.
“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.”
Commenting on Singapore, Ms. Lim noted: “Singapore’s accelerating wealth, and that of neighbouring countries, makes it a highly compelling draw for many investment managers. With assets under management climbing by 22% in the last year to a record S$1.63 trillion (US$1.3 trillion), Singapore firmly cements its position as Asia’s primary wealth management hub and one of the world’s leading investment destinations.
“We know the Singapore and Southeast Asian markets very well and our solutions teams are hard at work on some innovative ideas focused on the needs of institutional and private wealth investors here. We are excited about the solutions in our pipeline which through this license we hope to bring to Southeast Asia in the very near future.”