BNY Mellon plans expansion at Hong Kong office

Hong Kong

Bank of New York Mellon plans to expand its Hong Kong office to include securities broking this year as it seeks to tap Asian demand for U.S. bonds and stocks.

'We see continued demand for both U.S. fixed-income products and Asian products,' Art Certosimo, BNY Mellon’s chief executive officer for global markets, said in an interview in Hong Kong yesterday. 'We have an enormous client base at BNY Mellon, who are all buying and selling securities. There’s no reason why they shouldn’t buy and sell with us.'

Bloomberg reports that the company, which had $27.6tril of assets under its custody at the end of 2013, is preparing to expand its securities business in the region after opening a unit in Tokyo in November to provide fixed-income and equities investment services for institutional clients.

U.S. bonds are becoming more attractive to global investors after sovereign yields jumped the most in four years in 2013 as markets braced for the Federal Reserve’s stimulus tapering that started last month.

To access the complete Bloomberg article hit the link below:

BNY Mellon Expands Hong Kong Unit to Tap U.S. Assets Demand

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