According to a news release from the Pittsburgh, Pennsylvania-based Mellon, the new organization chart that includes the newly named Mellon Asset Management was effective on Sunday.
The company said that Vice Chairman Ronald O’Hanley will lead the combined sector and Vice Chairman Stephen Canter, who remains chairman and chief executive officer of The Dreyfus Corporation, will report to O’Hanley. O’Hanley, in turn, reports to Martin McGuinn, Mellon chairman and chief executive officer.
The announcement said that the creation of Mellon Asset Management was part of Mellon’s ongoing efforts to align its asset management and distribution businesses.
“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,” O’Hanley said in the announcement. “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.”
In addition to The Dreyfus Corporation, Mellon Asset Management also includes UK-based Mellon Global Investments and Newton Investment Management Limited.