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Monday, November 13, 2017

Harris Combines Three Big BNY Mellon Shops

Reported by Neil Anderson, Managing Editor

Mitchell Harris is combining BNY Mellon's three biggest asset management shops in the U.S. into a single shop with more than $560 billion in AUM and more than 700 people (including more than 300 investment professionals). Yet Dreyfus [profile] should be unaffected by the merger.

Today Harris, CEO of BNY Mellon Investment Management, confirms the pending merger of BNY Mellon's Mellon Capital Management (MCM), Standish Mellon Asset Management, and The Boston Company Asset Management (TBCAM) into a single, specialist multi-asset shop. Des Mac Intyre, CEO of asset management at BNY Mellon IM, will lead the combined shop as chairman and CEO. Mellon specializes in multi-asset and indexed investing, Standish in active fixed income, and TBCAM in active equities.

The launch is scheduled for 2018, to be followed by the rollout of a new "unified brand" later in the year. The combined shop will be based in Boston and account for nearly a third of BNY Mellon IM's more than $1.8 trillion in AUM, and the merger is expected to take 12 months. Meanwhile, BNY Mellon IM's nine other boutiques will remain independent entities within the multinational. And for intermediary distribution across all of BNY Mellon IM, the new firm and the existing boutiques will continue to use BNY Mellon IM's Dreyfus platform.

Once combined, Mac Intyre's shop will have three chief investment officers, one from each of the boutiques being combined. Mellon's Jeff Zhang will handle the multi-asset, index and smart-beta strategies at the combined shop, Standish's Dave Leduc will handle active fixed income, and Dave Daglio from TBCAM will handle active equity.

In explaining the move, Harris points to the increasing important of "scale in risk management, technology and operations."

"This combined U.S. business will give clients unified access to our intellectual capital in multi-asset strategies, alongside a strengthened investment process and an optimized platform with increased resources to deliver innovative and competitively-priced solutions," Harris states.

"By combining them we will be able to increase our investment in their collective capabilities and add new investment solutions for the benefit of clients," Mac Intyre states. 

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