Singapore grants capital markets services license to BNY Mellon

Will allow subsidiary to provide fund management services.

Investment management firm BNY Mellon was awarded the capital markets services license by the Monetary Authority of Singapore. The license was approved on Nov 11.

The new license allows the Singapore subsidiary, BNY Mellon Investment Management Singapore Pte. Ltd, to conduct a full range of investment management activities including research, portfolio management, marketing and sales of collective investment schemes.

It will help BNY Mellon Investment Management expand its existing institutional business in Singapore and strengthen its presence in Southeast Asia. It will also enable the company to start building local manufacturing capabilities.

Wendy Lim assumes the role of CEO for BNY Mellon Investment Management. She will continue to report to Alan Harden, CEO for BNY Mellon's Asia-Pacific investment management business, and will retain her regional responsibilities.