SEOUL, Korea and LONDON, June 22 /PRNewswire-FirstCall/ -- BNY Mellon Asset Management today announced that the application for a Discretionary Investment Management (DIM) license by BNY Mellon AM Korea Limited was successfully approved by Korea's Financial Services Commission (FSC) on 16 June 2010.
BNY Mellon established an asset management representative office in Seoul in 2006 in response to growing demand from institutional investors within Korea. The DIM license allows BNY Mellon AM Korea Limited to contract for discretionary investment management services with local financial institutions and professional investors.
"In light of Korea's strong underlying economic growth, continuing reform of the pensions market and the increasing sophistication of investors, we firmly believe Korea has a very exciting future," said Jon Little, vice chairman of BNY Mellon Asset Management. "Building a strong business in Korea is critical to our future growth plans across Asia-Pacific, and receiving DIM license approval is a major step forward in the development of our business in this very important country."
Yoohee Won, Chief Executive Officer of BNY Mellon AM Korea Limited, added: "Korean institutions have been increasingly approaching BNY Mellon to learn more about our multi-boutique model and the investment opportunities available. We are therefore very pleased to have been granted a DIM license and to be able to help Korean institutions seize new opportunities and manage risk in the global markets."
Notes to Editors:
BNY Mellon Asset Management is the umbrella organisation for BNY Mellon's affiliated investment management firms and global distribution companies.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Learn more at www.bnymellon.com.
* BNY Mellon AM Korea Limited has been awarded the DIM license.
All information source BNY Mellon Asset Management as at 31/03/10. This press release is qualified for issuance in the UK and US and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorised. This press release is issued by BNY Mellon Asset Management (US) and BNY Mellon Asset Management International Limited (ex-US) to members of the financial press and media and the information contained herein should not be construed as investment advice. Past performance is not a guide to future performance. Registered office of BNY Mellon Asset Management International: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorised and regulated by the Financial Services Authority
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SOURCE BNY Mellon Asset Management