BNY Mellon looks to SMSFs
Major institutional player BNY Mellon has signaled a step towards retail in Australia with the company announcing an expansion of product and client services tailored for the self-managed superannuation funds (SMSF) segment.
BNY Mellon's signal that it is directing attention to the SMSF space came at the same time as it announced the appointment of former Perpetual and Alliance Bernstein staff member Brigette Leckie as vice-president, intermediary relationships in Australia.
Announcing the appointment, BNY Mellon Asset Management Australia managing director Bruce Murphy said the new position had been created to support the company's planned expansion into the SMSF arena.
"The SMSF segment is the fastest growing in Australia but, as yet, has not embraced global investing as a way to diversify risk and improve returns," he said.
BNY Mellon Asia Pacific chief executive Alan Harden said the company was very ambitious and had a long-term goal to become one of the premier investment management firms in the region.
"Australia is a key market in helping us achieve this goal," he said.
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