Company receives All Asset Trust License to provide greater breadth of support to clients in the fast growing Korean Asset Backed Securitization market
SEOUL, November 30, 2016 – BNY Mellon, a global leader in investment management and investment services, today was granted full All Asset Trust License status in Korea to provide trustee services for the domestic market expanding its international services to Korean clients.
The All Asset Trust License complements BNY Mellon’s Money Trust License, growing its trustee services capabilities from Money Receivables Trusts to Intangible Property Rights. The new license allows BNY Mellon to offer a comprehensive suite of domestic issuer and related investor services that are market-driven and customized, including the ability to offer alternative investment options on cash balances in Asset Backed Securitization (ABS) structures.
Gary Lew, BNY Mellon’s Asia Pacific Head of Corporate Trust commented, “Asset Backed Securitization structures are attractive to investors from a diversification standpoint, whether within the domestic market or for foreign investors investing into Asia. The broadening of our trustee services to offer a comprehensive suite of solutions further supports our commitment to the steadily developing Korean ABS market.”
Added Lew, “The growth of the Korean ABS market has been accelerating since the Asset-Backed Securitization Act was implemented in 1998. Korean issuers are using ABS structures not only as a lower cost tool to restructure maturing debt and secure liquidity, but also as an essential balance sheet tool that Korean lenders can use to convert loans to long term, fixed rate plans.”
BNY Mellon established its Seoul branch office in 1988 and was the trustee for Korea’s first covered bond issuance in 2015 under the Covered Bond Act in Korea.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of September 30, 2016, BNY Mellon had $30.5 trillion in assets under custody and/or administration, and $1.72 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.