BNY Mellon has shut down its Hong Kong-based wealth management unit following a strategic review of the business.
BNY Mellon Wealth Management is closing its Hong Kong office following an international strategic review that underlined that the decision was not politically motivated.
«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,» said a spokesperson for the firm.
«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.»
Transitioning Clients
According to BNY Mellon, the business only houses a «small number of clients» which will be transitioned to the international wealth management team.
«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,» it added. «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.»
This marks the second wealth management exit this year after Canada’s BMO Financial Group decided to sell its private banking business in Hong Kong and Singapore to J. Safra Sarasin.
