People Moves
BNY Mellon Ramps Up Taiwan Business
The US investment firm, part of the US financial services group, can expand its marketing and business development in Taiwan now that it has been granted a licence.
BNY Mellon Investment Management, with over $2 trillion in assets under management, has been granted a business licence in Taipei by the Securities Investment Consulting Enterprise.
The firm has now hired a senior figure from its ranks to head the business in the jurisdiction. Rebecca Chu has been named as head of Taiwan. Chu, who joined BNY Mellon Investment Management in 2016, is responsible for developing the distribution strategy for Taiwan across institutional and intermediary markets, based in Hong Kong.
In addition to focusing on the Taiwan market, Chu is also responsible for driving growth amongst Taiwanese clients’ with a presence in the Greater China region.
Prior to joining BNY Mellon, she was a fund manager with CTBC Investments for three years. Before that, Chu worked as an assistant manager in the foreign fixed income investment team of Cathay Life.
The SICE licence will allow BNY Mellon Investment Management to strengthen relationships with clients in Taiwan and increase brand awareness of its business by presenting at conferences and organising educational seminars for the local market. In addition to the new Taipei office, BNY Mellon Investment Management has six other offices in Asia Pacific including Hong Kong, Singapore, Shanghai, Sydney, Tokyo and Seoul.
In July 2019, BNY Mellon Investment Management appointed Taiwan Cooperative Securities Investment Trust Co Ltd as its master agent in Taiwan.
“Taiwan is one of our strategic markets in Asia Pacific and the SICE approval is an important part of our expansion plan in Greater China. Our focus continues to be on growing our institutional business in Taiwan while working closely with our master agent Taiwan Cooperative SITE to deliver investment excellence and industry-leading client experience,” Doni Shamsuddin, head of Asia-Pacific ex Japan at BNY Mellon Investment Management, said.
BNY Mellon, the parent company, has had a presence in Taiwan since 1973.
