BNY Mellon WM Closing Hong Kong Office

Editorial Staff

10 February 2021

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.