Bank of New York Co. Inc. said Monday that it has established an office in Sydney through its subsidiary BNY Securities Australia Ltd. with the purpose of expanding its presence in the Asia-Pacific region.
The bank is to use the office to expand BNY Brokerage's transition management and commission recapture businesses in Australia. As part of the expansion, Alister van Bergen has joined BNY Securities Australia as a regional product manager and vice president. He is to be responsible for marketing the businesses in Australia.
Cary S. Pack, the president of BNY Brokerage, said it has developed its transition management and commission recapture businesses globally in recent years. The expansion in Australia lets his unit continue its "strategic international build-out," he said. It already has a Melbourne office.
Bank of New York has 15 offices in 12 Asia-Pacific countries - including full-service branches in Shanghai, Tokyo, Hong Kong, Singapore, Seoul, and Taipei - and employs more than 1,200 people.
