BNY Mellon has launched its comprehensive and discretionary investment and wealth management services in Asia after receiving regulatory approval from the Hong Kong Monetary Authority (HKMA).

Called BNY Mellon Wealth Management, it is targeting US and US-affiliated clients in Asia as well as ultra high net worth investors (UHNWIs) in this region through discretionary portfolio management services.

The introduction of these services will effectively allow BNY Mellon Wealth Management to compete in the lucrative private banking and wealth management market for UHNWIs in Asia.

Under its organizational structure, the newly-launched wealth management business will be part of BNY Mellon's investment management group which also includes asset management.

"Investment management includes both wealth management and asset management but they are run separately. The wealth management business that we're now launching is going to serve individual customers whereas the investment management business is creating investment strategies that looks to distribute through the wealth management business unit but also through third party asset managers and third party distribution as well," says Alan Harden, CEO of BNY Mellon Investment Management in Asia-Pacific.

BNY Mellon Wealth Management will bring a wide range of solutions-based services including strategic asset allocation, access to world-class investment management services provided by the corporation's robust multi-boutique structure, and active, personalized client discretionary portfolio management.

Unlike typical money management services that are more transactional in approach, BNY Mellon differentiates itself by taking a longer and broader view of serving clients' overall wealth and investment planning needs.

BNY Mellon is one of the largest wealth managers in the world with more than US$187 billion in private client assets as of September 30 2014.

"Our expansion provides greater access to comprehensive wealth and investment planning services to the high-net worth market," said Larry Hughes, chief executive officer of BNY Mellon Wealth Management. "With the broad and deep capabilities of one of the world's leading investments companies, BNY Mellon offers holistic, solutions-based wealth management. Our focus on discretionary investment management, rather than transactional services, is integral to our comprehensive approach and differentiates us in the market."

"We continue to make significant investments in both our core businesses of investment management and investment services in Asia-Pacific," Harden says. "Expanding on-the-ground wealth management services is a prime example of this long term commitment to the region. BNY Mellon is leveraging the trend of unprecedented wealth growth rates in the Asia-Pacific region by drawing from our broad global expertise to deliver wealth and investment planning solutions locally."