The private banking arm of Malaysia-headquartered CIMB is launching separately managed accounts for high net worth investors in Malaysia, reports said.

CIMB Private Banking, part of Malaysia’s CIMB, has appointed UOB Asset Management (Malaysia), which is partnering with BNY Mellon Managed Investments, to introduce Malaysia's first global separately managed accounts to high net worth individuals, media reports said.

This publication is in contact with the organisations seeking to confirm details of the reports.

Separately managed accounts give investors access to strategies from a suite of managers. CIMB is quoted by media as saying that through such accounts, investors have the opportunity to create a well-diversified portfolio through a wide exposure to global and developed economies.

"This offering of SMA, through UOBAM Malaysia and BNY Mellon is a major breakthrough for Malaysian wealth management given that now, high net worth investors will have access to global strategies which were typically reserved for institutional investors. Our multi-manager platform means investors are able to select investment strategies which best suit their long-term goals," the head of CIMB Private Banking, Malaysia, Carolyn Leng, is quoted as saying.

CIMB is one of Asia’s largest banks and one of the leading Islamic banking services in the world.