South Korea's Financial Services Commission has approved BNY Mellon AM Korea's application for a discretionary investment management (DIM) license.

The DIM license will allow BNY Mellon AM Korea to contract for discretionary investment management services with local financial institutions and professional investors.

BNY Mellon established an asset management representative office in Seoul in 2006 in response to growing demand from institutional investors within South Korea.

Jon Little, vice chairman of BNY Mellon Asset Management, said: “In light of Korea’s strong underlying economic growth, continuing reform of the pensions market and the increasing sophistication of investors, we firmly believe Korea has a very exciting future. Building a strong business in Korea is critical to our future growth plans across Asia-Pacific, and receiving DIM license approval is a major step forward in the development of our business in this very important country.”

Yoohee Won, CEO of BNY Mellon AM Korea, said: “Korean institutions have been increasingly approaching BNY Mellon to learn more about our multi-boutique model and the investment opportunities available. We are therefore very pleased to have been granted a DIM license and to be able to help Korean institutions seize new opportunities and manage risk in the global markets.”