BNY Mellon confirms "difficult" withdrawal from SMA

BNY Mellon Investment Management released a short statement late last night confirming the withdrawal of its separately managed accounts (SMA) business in Asia, even as a Malaysian private bank became the first to announce it was rolling it out. BNY Mellon IM expressed disappointment at the slow take-up of this offering in the region and said the decision to shelve the platform had been a difficult one to take. It comes after AsianInvestor broke news of BNY Mellon IM’s withdrawa…