CIMB "disappointed" by BNY Mellon's SMA exit

CIMB Private Banking says it is disappointed and surprised by BNY Mellon Investment Management’s decision to pull its separately managed accounts (SMA) platform from the Asian market. After working with BNY IM for months, the Malaysian firm had already signed up wealthy clients for the platform and still hopes to be able to salvage a service. And BNY IM’s Asia CEO Alan Harden will be flying to Malaysia next week for talks with CIMB on the future of the abandoned project. CIMB …