BNY Mellon announced Monday it hired Mitchell Harris as president of its investment management division.
In the newly created position, Harris will run BNY Mellon Asset Management and BNY Mellon Wealth Management. Harris, who had been interim head of the asset management business, also was named to BNY Mellon's executive committee. Harris reports to Curtis Arledge, vice chairman of BNY Mellon and chief executive officer of investment management.
"Mitchell's tenure both as a boutique CEO and a seasoned leader of our asset management business provides fantastic continuity. He has done an outstanding job in keeping the asset management business focused on its goals of delivering superior investment performance and client service," said Arledge. "As president of investment management, he will have a key role in developing broad client relationships and focusing on the efficiency and effectiveness of our business processes and infrastructure."
Harris also will partner with Larry Hughes, the chief executive officer of BNY Mellon Wealth Management, to further the delivery of asset and wealth management expertise to a broad range of clients. Hughes continues to report to Arledge.
"Our asset management business continues to build momentum," said Harris. "In 2010 we displayed strong investment performance across most of our strategies, as major investment categories improved over 2009. We maintain our focus on improving the performance of the assets we manage for institutions, high net worth clients and mutual fund investors."
Harris will continue as head of BNY Mellon Asset Management's fixed income, cash and currency group, overseeing businesses with more than $500 billion in assets under management including Pareto, Standish Mellon Asset Management Company LLC, Alcentra and BNY Mellon Cash Investment Strategies, which is a unit of Dreyfus Corp.
His prior roles included serving as chief executive officer of Standish and Pareto and he remains chairman of both. Before joining Pareto in 1993, Harris worked at Citibank for 14 years where his responsibilities included managing the private bank business in Germany and Jersey (Channel Islands) and the London private bank for European marketing.