Mellon Financial has given its asset management arm a new look for the new year. The bank said Tuesday that it has reorganized its asset management business to bring its Dreyfus Funds brand and its institutional business under one roof.

After the changes, Dreyfus Mutual Funds and Mellon Institutional Asset Management will both be a part of Mellon Asset Management. The new unit will also include UK-based Mellon Global Investments and Newton Investment Management Limited.

Dreyfus CEO and Chairman Stephen E. Canter will retain those posts and now reports to Mellon Vice Chairman Ronald P. O'Hanley, who will lead Mellon Asset Management. O'Hanley reports directly to Mellon Financial CEO Martin G. McGuinn.

"Ron and Steve have worked closely together over the past several years to keep our asset management businesses on the leading edge of the industry," said McGuinn. He added that he expects the change to further enhance the bank's competitiveness and effectiveness.

Mellon officials said the reorganization is part of an ongoing effort to align its asset management and distribution businesses to ensure the top-notch investment performance and client service.

"The creation of Mellon Asset Management also reflects the fact that in the asset management business, clients for the retail and institutional segments are fast converging as individual investors and their advisors are seeking the consistency of process, personnel and performance that institutional products offer," explained O'Hanley.

"This integration of our manufacturing and distribution groups for institutional asset management and retail products and services will enable us to better develop, coordinate and bring to market innovative products," he added.

Canter added that improved efficiencies of the investment management and distribution resources and will ultimately mean better service for fund shareholders.

"The Mellon and Dreyfus commitment to our mutual fund business remains clear and unequivocal," added Canter.  

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