BNY Mellon IM shuts SMA platform, lays off staff

BNY Mellon Investment Management has shut down its separately managed account (SMA) platform and laid off up to 50 staff in Asia, sources have told AsianInvestor. The closure represents an embarrassing loss of face for the firm and its Asia-Pacific chief executive Alan Harden, who has been hell-bent on hiring to build out its wholesale offering. As a result questions have been raised over Harden’s future at the firm. Asked whether he would stay on as regional chief, a company sp…