BNY Mellon is targeting Asian sovereign wealth funds (SWF), Financial Times reports. The bank is creating a single contact point between its different business units, said Jai Arya, head of BNY Mellon’s new four person sovereign institutions group.
Earlier in 2011, the firm set up a Singapore-based unit focused on serving sovereign wealth funds, pension plans, central banks and supranationals. BNY, which tracks the activities of about 149 sovereigns, estimates the SWF market to total nearly $20,000 billion, with assets growing at 10-15% a year. Nearly 40% of those assets are in Asia, with 35% in the Middle East and 15% in Europe, adds Arya.
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