BNY Mellon has been awarded a Capital Markets Services Licence by the Monetary Authority of Singapore for its new dedicated subsidiary to provide fund management services in Singapore.
The licence was approved on 11 November 2013.
With the new licence, the Singapore subsidiary, BNY Mellon Investment Management Singapore Pte. Limited, will be able 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. The new licence will help the company expand its existing institutional business in Singapore and strengthen its presence in South East Asia. It will also enable 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 chief executive officer for the new Singapore-based company. She will continue to report to Alan Harden, chief executive officer 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 USD94bn in assets under management,” says 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.”
Lim says: “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 per cent in the last year to a record SGD1.63trn, Singapore firmly cements its position as Asia’s primary wealth management hub and one of the world’s leading investment destinations.”