BNY Mellon adds sales executive to try to boost business with wealthy retail investors
Bank of New York Mellon has added a top sales executive to help the bank boost business from wealthy retail investors.
Joseph Moran has been named head of private bank and registered investment advisers, a new position that oversees sales of Dreyfus mutual funds and other BNY Mellon financial services in North America, BNY Mellon Investment Management said on Wednesday.
He joins BNY Mellon as the bank comes under pressure from shareholders to attract more retail investors and is one of several people hired recently to grow the investment management business.
“This move shows our intention to be more visible and engage more fully with this segment,” said Kim Mustin, BNY Mellon Investment Management's head of North American distribution. “It also will focus our future product development and service offerings for this audience.”
Moran comes on board three months after BNY hired Mustin, to whom Moran will report. A week after Mustin was hired, Ryland Pruett was named national sales manager for the Dreyfus Corp. mutual fund group.
Moran has been in the financial services industry for two decades, most recently at Oppenheimer, where he led wealth management distribution since 2010. He spent most of his career at DWS Investments/Deutsche Asset Management in a number of sales management positions.
BNY Mellon, the world's eighth-largest asset manager, handles about $1.6 trillion in investments for institutions and wealthy individuals. It provides bookkeeping and other administrative services for $27.9 trillion worth of investments, making it the world's largest custody bank.
The bank has been under pressure to cut costs, and some shareholders and analysts want the company to sell its asset management business. Those pressures may grow since activist investor Nelson Peltz's hedge fund, Trian Partners, disclosed last month it has acquired 28.9 million BNY Mellon shares, or a 2.5 percent stake worth $1.05 billion. Peltz has a history of investing in companies, including Pittsburgh-based H.J. Heinz Co. and PepsiCo, and aggressively pushing for change.
BNY Mellon cut expenses by $600 million during the past three years. It has closed some wealth-management offices, laid off staff and moved to improve operations by consolidating computer applications, centralizing purchasing and bringing software development in-house.
BNY Mellon is scheduled to report second-quarter financial results on July 18.
Chris Fleisher is a staff writer for Trib Total Media. He can be reached at 412-320-7854 or firstname.lastname@example.org.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Overhaul possible for West Mifflin’s Century III Mall
- Google adds HBO access, mobile payment to next version of Android
- Chevron settles fatal shale gas well fire lawsuit for $5M
- No end in sight for casino market saturation in northeastern U.S.
- Avago Technologies to pay $37 billion for chipmaker rival Broadcom
- Pitt study suggests health law attracting young to balance insurers’ risks
- Task force to plot ways of easing gas glut in Pennsylvania via pipelines
- Weak first-quarter economic report anticipated
- Asian sell-off, Greece uncertainty rattle Wall Street
- IRS cybersecurity breach touches lives of homebuyers, others
- Tight supply pushes home prices higher