CHINA/UNITED ARAB EMIRATES - The Bank of New York Mellon has launched a sovereign advisory board targeting sovereign pension plans, wealth funds, central banks and sovereign owned entities.
She said sovereign wealth clients were "a big chunk" of the firm's existing business but declined to give more specific details.
Bartoszek said: "Over the last decade, SWFs have become increasingly prominent and the level of work we do with them has also grown. As a result of this growth, the breadth of their investments and the services which they require has evolved."
Head of BNY Asset Managment Asia and co-chair of the board David Jiang said the needs of sovereign investors are only slightly different than those of other insitutional investors.
He said: "Being government owned, their risk function is slightly different than private institutional investor. SWFs as a group prioritize safety, liquidity, and return in that order."
The board will also be co-chaired by Hani Kablawi, head of Middle East and Africa. The board will comprise senior managers across all of BNY's lines of businesses.
BNY Mellon president Gerald Hassell said: "The creation of this group will enable sovereign clients to benefit from enhanced solutions and a dedicated client service platform tailored to their specific needs. David and Hani's leadership of a new dedicated sovereign advisory board is clear indication of the growing importance we place on the role of sovereign organizations in the world financial markets."
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