Over the past three months, BNY Mellon Asset Management has lost two executives to outside opportunities. The most recent departure is its Co-Interim Head Jon Little.
In May, both Little and Mitchell Harris assumed leadership duty over BNY Mellon’s money management arm after the former President and CEO Ronald O’Hanley said that he was leaving the firm.
At the time, Little served as the vice chairman of BNY Mellon Asset Management and represented asset management on BNY Mellon's Executive Committee. Harris on the other hand was the chairman of the fixed-income, cash and currency group. Both held onto their previous duties following their temporary leadership designation while the firm conducted its “comprehensive search for a permanent head.”
With today’s announcement, BNY Mellon revealed that Little would be leave his post to “accept another opportunity in the financial services industry” and that Harris will become the sole interim head of the business. Harris will also maintain his responsibilities in the bond group, the July 27 announcement said.
In his comments about the abrupt change, Robert Kelly, chairman and CEO of BNY Mellon, said that the global financial services conglomerate is lucky to have the “benefit of Mitchell's outstanding leadership during this transition period.” He also wished Jon the “best” in his new position.
“Our asset management business has great management strength across our boutiques,” Kelly added. “The asset management leadership team has demonstrated resilience through challenging market cycles, continuing to provide our clients with strong investment performance and superior service around the globe.”
Furthermore, Little, the former head of sales and distribution for JPMorgan Investment Management's international fund and sub-advisory businesses, is said to be joining Kedge Capital, a family office of Swiss-entrepreneur Ernesto Bertarelli.
In a conversation this afternoon, a Kedge Capital spokesperson confirmed that Little would be joining the firm in November to spearhead a new global asset management initiative.
Currently, BNY Mellon’s investment advisement arm has nearly $1 trillion in assets under management ranking it among the top 10 management firms in the U.S., the release said.