GLOBAL - BNY Mellon has launched a new Sovereign Institutions Group to cater for sovereign pension plans, wealth funds and central banks.
The new group will be led by Jai Arya, formerly head of client management in Asia-Pacific, who will continue to be based in Singapore. Arya has been with BNY Mellon since 1986 in a variety of roles in India, Taiwan, Korea and Singapore, working with financial institutions including sovereign entities.
"With total sovereign wealth fund assets forecast to more than triple by 2020 to US$20trn, sovereign institutions are critical to the continuing health of the global financial system," said Jim Palermo, vice chairman of BNY Mellon and chief executive officer of Global Client Management.
"As sovereigns steadily diversify their portfolios through strategic overseas investments, BNY Mellon is ideally placed to provide the asset management and securities servicing solutions they need to help them seize new opportunities and manage risk in the global markets."
Arya added: "Sovereign institutional confidence in world markets is on the rise. Many sovereigns are resuming their portfolio diversification plans and their appetite for alternative investments continues to increase. As confidence returns and the need for support increases, it is critical that we have the right solutions and the depth of resource to deliver the capability of the whole company to this important client group."
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