Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Will Pardi's BNY Hiring Spree Stop Anytime Soon? Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, April 22, 2014

Will Pardi's BNY Hiring Spree Stop Anytime Soon?

Reported by Tommy Fernandez

So, another senior sales executive has joined BNY Mellon's ranks, or in this case, Dreyfus.

Ryland Pruett, former national sales manager for wirehouses for Neuberger Berman, has joined Dreyfus as national sales manager, according to this company statement.

According to a company spokesperson, Pruett will be "responsible for building out the sales force in the US for Dreyfus. And he is part of a broader effort to reach individual investors across the globe."

The hiring comes just a week after the hiring of Kimberly Mustin as head of North American distribution for Dreyfus, as well as a number of senior management shuffles over the past year.

The company spokesperson outlined for MFWire the current senior sales structure for BNY and Dreyfus in this way:

PeterPaul Pardi serves as global head of distribution for BNY Mellon.
Mustin reports to Pardi, and in North America, oversees centralized distribution and consultant relations across Dreyfus as well as retirement and institutional markets.
Andrew Provencher, who serves as head of U.S. retail sales, reports to Mustin.
Pruett reports to Provencher.

Will there be any other senior sales hires? The BNY spokesperson declined to say, but according to comments made today by Curtis Arledge BNY's vice chair and chief executive officer of investment management, it looks like there will be continued hiring in the trenches.

The comments were made during the firm's analyst call regarding its Q1 2014 earnings, which were transcribed here by SeekingAlpha.

Here are the comments, which were directed to Sanford & Bernstein analyst Luke Montgomery:

We’ve talked about expanding our sales force by about 50% about a year-ago and we’re about 60% already through that expansion. Starting to see revenues from having done that and we’re really quite excited about it. It’s just bringing the great offerings and investment offerings we have around our firm plus the power of being private bank and I’ll highlight you that what we know in our earnings release, well we are named top ranked bank, our wealth management team is doing an exceptional job and expanding that reach is going to be fantastic.

The other way we are expanding the individual investors, the second method is through intermediaries where we work with advisors and there has been some coverage of this and what’s going on with us. I’ll highlight this is not a startup effort on our part. In fact, Dreyfus was one of the original creators of mutual fund industry and BNY MELLON that has both U.S. presence to drive this but also has the global presence. We’ve about $156 billion in long-term mutual fund assets. Which would make us $200 million just on retail basis, on what is 100 asset managers on a whole just on a retail asset base.

So we already have a pretty significant presence here, but it isn’t anywhere close to what we think it should be. So we’ve also been investing there. And I think if when you look at firms you have margins higher than ours. They’re able to take your investment offerings and get them through client channels. They are not just institutional but also reach individuals as well and interrupt while in doing that. We do a lot work like, look I talk about the study that – we used Mackenzie. We think Mackenzie’s benchmarking study is one of the best in the marketplace and we got actually right out or slightly above peers who look like us. So that’s sort of long-winded answer to your marketing question.

According to BNY chairman and chief executive, BNY's assets under management for the quarter were $1.62 trillion, 14 percent from a year ago. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. WE Boston - Women's Initiative Joint Spring Networking Reception, May 15
  2. MFDF In Focus: Making Sense of ESG - A Morningstar Guide, May 16
  3. SEC IM 2024 Conference on Emerging Trends in Asset Management, May 16
  4. ALFI Roadshow to the USA, May 16
  5. 2024 ICI Leadership Summit, May 21-23
  6. MFDF webinar - Mutual Fund Director Compensation: the MPI Annual Survey (2024), May 21
  7. Schwab Institutional Investor Day, May 22
  8. MFDF Conference of Fund Leaders Forum, June 5
  9. MFDF in-person outreach: Continuing Regulatory Impacts on Fund Boards, June 11
  10. MFDF webinar - Digital Assets in the Fund Space (Part 1 of 2), June 12
  11. 2024 MMI Leadership Pathway Seminar, Jun 12-14
  12. 2024 Nicsa Fearless Leadership Symposium, June 12
  13. MFDF webinar - Lessons Learned from the Regional Bank Volatility and the Impact on Registered Funds, June 18
  14. MFDF Director Discussion Series - Open Forum (Philadelphia), June 20
  15. New York YPEM Cornhole Classic, June 25
  16. Morningstar Investment Conference Conference 2024, Jun 26-27
  17. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 16
  18. MFDF Director Discussion Series - Open Forum via Zoom, July 17
  19. MFDF Director Discussion Series - Open Forum (New York), July 23
  20. 2024 MMI Annual Conference, Oct 15-17
  21. 5th Annual ETFGI Global ETFs Insight Summit, October 29
  22. MFDF webinar - Digital Assets in the Fund Space (part 2 of 2), November 7
  23. MFDF 2025 Directors' Institute, January 27 - 29, 2025
  24. MFDF 2025 Fund Governance & Regulatory Insights Conference, March 6 - 7, 2025




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use