The decision to shut the business followed a strategic review, and is not tied to political issues, the US firm said.

BNY Mellon Wealth Management is shutting its Hong Kong office, the US-based firm confirmed to WealthBriefingAsia late yesterday. 

It is understood that the office employs a small number of people – the firm did not give a specific number. 

“Our rationale for the closing of our Hong Kong business is not tied to politics and follows a strategic review of our international wealth management businesses. We have made the decision to focus on our strong international footprint such as the United Kingdom, [the] European Union, the Middle East and Latin America from our offices in London, Dubai, Miami, New York and the Cayman Islands. We have and continue to see the strategic importance of Asia to BNY Mellon Wealth Management and the rest of our firm,” a spokesperson for the business told this news service. 

“Our Asia-Pacific wealth management business has primarily serviced the needs of family offices and ultra-high net worth families living in the Asia-Pacific region. The small number of clients impacted will be transitioned to our international wealth management team. There will be no interruption to the quality and care clients are accustomed to receiving.”

“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,” the spokesperson said.

Among the recent comings and goings in Asia, in January Canada-based BMO Financial Group said that it had agreed to sell its private banking business in Hong Kong and Singapore to J Safra Sarasin Group. Financial terms of the agreement were not disclosed. That deal is subject to regulatory approvals and the acquisition is expected to close during the first half of 2021.