Hong Kong grants SMA business license to BNY Mellon

Subsidiary will introduce a separately managed accounts platform.

The Bank of New York Mellon Corporation or BNY Mellon has received license approval from the Securities and Futures Commission for its new dedicated Hong Kong-based subsidiary to establish a Separately Managed Accounts (SMA) business.

The new subsidiary’s SMA will be the first of its kind in Asia and is to be launched later this year. The SMA is 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 better serve their high-net-worth individual clients.

AJ Harper, president and chief executive officer of the new Hong Kong managed accounts subsidiary for BNY Mellon, said SMAs are a very effective way for professional wealth managers to deliver fully transparent, customized portfolios to their clients.

"What will make our platform so unique to Asia-Pacific is that it will be the first open architecture offering that provides multi-manager and multi-currency portfolios at an entry level of less than USD1m per portfolio,” he said.

BNY Mellon is an American multinational banking and financial services corporation that is the largest deposit bank in the world. It
has over US$1.4 trillion in assets under management.