Singapore's monetary authority has awarded a capital markets licence to BNY Mellon for its new fund management services subsidiary, highlighting the continued expansion into Asia of that firm.

The Monetary Authority of Singapore, the city-state's financial regulatory body, has awarded a capital markets licence to global investment manager BNY Mellon for its new fund management services subsidiary.

With the licence, which was approved 11 November 2013, the Singapore-based subsidiary can conduct a full range of investment management activities, including research, portfolio management, marketing and sales of collective investment schemes, said the firm in a statement. It will help the company expand its existing operations in South East Asia and open up opportunities to build local manufacturing capabilities.

The new unit will be led by Wendy Lim as chief executive. Lim was previously the managing director and regional head of business development and marketing for BNY Mellon Investment Management Asia-Pacific. She reports to Alan Harden, CEO, and will retain her regional responsibilities.

"Singapore's accelerating wealth, and that of neighbouring countries, makes it a highly compelling draw for many investment managers. With assets under management climbing by 22 per cent in the last year to a record S$1.63 trillion ($1.3 trillion), Singapore cements its position as Asia's primary wealth management hub and one of the world's leading investment destinations," said Lim.

BNY Mellon has been operating in Singapore for over 40 years and offers a range of financial services. Its wholly-owned subsidiaries, Eagle Investment Systems and Pershing Group, both have legal entities in Singapore.

Separately, BNY Mellon has been boosting its global wealth management operations with a range of hires. In August, the financial services firm expanded its Asia-Pacific team with the appointment of a new head: Richard Collis assumed the role of managing director for investment management.