July 10--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.
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