BNY Mellon to expand HK presence with 50 new hires

The concern about counterparty risk that has preoccupied investors since the collapse of Lehman Brothers last year and the increased focus on risk management and flight to strength that have been a theme ever since, have been beneficial to Bank of New York Mellon and have allowed it to accelerate its already planned expansion in Asia.

The US bank, which is a global leader in asset management and securities servicing, announced last week that it plans to recruit another 50 people for its Asia-Pacific headquarters in Hong Kong between now and the end of 2010, adding to the 150 staff it already employs here. About 60% of the new hires will be front and middle office staff focusing on sales and delivering of its services, while the remaining 40% will beef up the support for its regional business.